The Pantry, Inc. (NASDAQ:PTRY), a leading independently operated convenience store chain in the southeastern U.S., today issued the following statement in response to a report by Institutional Stockholder Services (ISS) regarding The Pantry’s 2014 Annual Meeting of Stockholders, which is scheduled for March 13, 2014:
We strongly believe that ISS reached the wrong conclusion in failing to recommend that stockholders elect all of The Pantry’s highly qualified and experienced director nominees. The Board’s director nominees are actively engaged and together possess significant retail, convenience store, consumer packaged goods, foodservice, fuel and financial experience—all areas that are highly relevant and critical to The Pantry’s business. Furthermore, since the Board installed the Company’s leadership team led by President and CEO Dennis Hatchell, The Pantry has successfully executed plans to improve performance and unlock the potential of our powerful convenience store platform.
Robert F. Bernstock, Edwin J. Holman and Thomas M. Murnane have meaningful experience and insight that surpasses anything offered by the dissident nominees. Mr. Bernstock has significant operating experience from his roles as President and Chief Operating Officer of The Scott’s Miracle Gro Company and President and CEO of Vlasic Foods International, and extensive board experience from his service on the boards of NutriSystem, Verticalnet and First Brands Corporation. Mr. Holman has substantial retail, executive and operating experience, notably through his role as President and CEO of Galyan’s Trading Company, Inc., and has served on multiple public company boards, including those of La-Z-Boy, Inc. and OfficeMax, Inc. Mr. Murnane has more than 35 years of experience advising a variety of retailers, and diverse board experience that includes service on the boards of Pacific Sunwear of California and Captaris. These three individuals have been instrumental in the formation and execution of The Pantry’s current value creation strategy, and their expertise will be a significant asset in the continued implementation of this strategy.