The Fresh Market CEO Larry Appel Departs; Jason Potter Named Successor

Jason Potter has been named the new CEO of The Fresh Market, effective March 2, succeeding Larry Appel, who has resigned. Potter comes to the Greensboro, N.C.-based specialty retailer from the Canadian grocer Sobeys Inc., where he served for more than 26 years, including most recently as its EVP of operations, overseeing the chain’s 800 grocery stores, including the Safeway, Sobeys, Foodland and Thrifty banners.

Potter left Sobeys in 2018 and held previous roles earlier in his career, including president of Sobeys West and Sobeys Atlantic, and president of multiformat operations.

At The Fresh Market, Potter will be charged with continuing an operational turnaround under tight financial constraints due to high debt leverage. The Fresh Market is owned by Apollo Global Management, which acquired the chain for $1.36 billion in 2016. Appel had been CEO since September 2017. The board in a statement thanked “Appel for his service as CEO over the last two and a half years and offer[ed] him best wishes in his future endeavors.” A spokeswoman said the company had no further comment on his departure.

Appel had emphasized strategic initiatives such as efforts to highlight better quality fresh foods and perishables that, according to a recent Moody’s report, had paid some dividends in the form of higher average transaction sizes and small increases in comps while trip frequency was in decline and earnings growth modest.

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Jason Potter

“Jason is a proven executive with significant experience and success in the world of grocery retailing and operational turnarounds,” said Andrew Jhawar, chairman of the board at The Fresh Market and senior partner and head of the consumer and retail industry team for Apollo Global Management. “He has demonstrated an ability to drive revenue and profit growth through innovation as well as improved operations, merchandising and marketing, which are skills that make him the ideal candidate to lead The Fresh Market's continued turnaround efforts.”

The company has estimated annual sales of about $1.6 billion, operating 159 stores in 22 states.

“I am thrilled to join The Fresh Market and look forward to working with all our team members in creating a highly differentiated specialty food retailing environment for our guests,” Potter said in a statement. “Our goal will be to make The Fresh Market the go-to destination for customers looking for best-in-class perishables, unique itemization and high-touch customer service, all provided in a convenient, clean and accessible store format. I look forward to being part of the company's future success as we accelerate the overall mission for The Fresh Market.”