business news in context, analysis with attitude

Nash Finch Co. announced that it had communicated the results of an internal probe of stock trading by officers and directors of the company to the US Securities and Exchange Commission (SEC), and that the company’s chairman of the board, Allister P. Graham, was taking over the company as interim CEO.

Graham replaces Ron Marshall, who announced last September that he was retiring pending the naming of a replacement. The search for a permanent replacement continues.

Graham is the former CEO of Canada’s Oshawa Group.

Nash Finch also announced the immediate resignation of Kathleen E. McDermott, senior vice president, secretary and general counsel of the company. She will be replaced on an interim basis by Kathleen M. Mahoney, currently vice president and deputy general counsel of the company.

According to a prepared statement, Nash Finch “has offered to provide certain documents and the SEC has accepted the offer. The Company will continue to fully cooperate with the SEC.”
KC's View:
The company reportedly is not commenting on whether there is a connection between the executive moves and the stock trading investigation. But you have to assume that this isn’t a coincidence…that if there were no connection, it would be a lot easier to say so. To say “no comment” is to speak volumes.