Sun Capital Partners-owned Marsh Supermarkets announced that chairman/president/CEO Frank Lazaran is leaving the company after five years at the helm. An executive search has been completed, but Sun said it would not announce a successor until next month; Lazaran is scheduled to stay with the company until the end of April.
However, sources say that Joseph Kelley, executive vice president of Price Chopper Supermarkets, is a likely choice to run Marsh Supermarkets.
According to a statement released by Sun Capital, “Frank told employees that since the passing of his father this past summer he has realized a need to return to southern California in order to spend more time tending to family matters.”
However, sources say that Joseph Kelley, executive vice president of Price Chopper Supermarkets, is a likely choice to run Marsh Supermarkets.
According to a statement released by Sun Capital, “Frank told employees that since the passing of his father this past summer he has realized a need to return to southern California in order to spend more time tending to family matters.”
- KC's View:
- Other than who will replace Lazaran - who from all accounts has done an excellent job of cleaning up Marsh’s balance sheet and improving the stores during his tenure - the other question seems to be how long Sun Capital will hold onto Marsh before putting it back on the market. It bought Marsh for $88 million in 2006 and tried to sell the company last year for between $130 million and $150 million, but had to back down when it could not get any takers.
