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TheStreet Open House

Fairway Group Holdings Corp. Announces Management Changes And Promotions

Stocks in this article: FWM

NEW YORK, Feb. 6, 2014 /PRNewswire/ -- Fairway Group Holdings Corp. ("Fairway") (NASDAQ: FWM) announced today that Chief Executive Officer Herbert Ruetsch will retire after fifteen years with the company, including the last two years as Chief Executive Officer. Mr. Ruetsch will remain a special advisor to the company and continue to provide input into certain merchandising and product initiatives. Mr. William Sanford, President of Fairway, will assume the role of Fairway's Interim Chief Executive Officer.

Charles Santoro, Executive Chairman of Fairway, stated, " Herb Ruetsch has helped lead Fairway through a major transformation from a small family business into an iconic, growing specialty food retailer serving some 20 million customer visits annually in the tri-state area. All of us at Fairway would like to thank Herb for his many contributions to our success."

He added that, " Bill Sanford, our Interim Chief Executive Officer, brings continuity, strong leadership and organizational skills, and has also played a very important role in Fairway's growth, development and success over his last five years at Fairway, including his previous roles as Chief Financial Officer and most recently as President."

Fairway also announced the promotions of Kevin McDonnell to Co-President and Chief Operating Officer and Edward Arditte to Co-President and Chief Financial Officer.

Mr. Santoro continued, "Kevin and Ed work very closely together and these promotions are designed to bolster and enhance operations and productivity initiatives as Fairway prepares to roll out its production center and important new store openings later this calendar year. Kevin has worked at Fairway for the past six years and has more than 30 years of experience in food retailing. Kevin will be responsible for all merchandising and store operations and Ed will assume responsibility for all other corporate functions. We believe that our senior leadership team is extraordinarily strong, focused and determined and that these changes help take us to the next level in our organization's growth and in enhancing our ability to execute to very demanding goals."

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