Sample Press Release for Company Restructuring

Sample Press Release for Company Restructuring of Management Executives

Schnuck Markets Restructures Senior Management

In a major senior management restructuring at Schnuck Markets, Inc., Scott Schnuck, chairman and CEO, announced the appointment of Todd Schnuck, 50, as COO and the retirement of two senior executives.

Todd, formerly the company’s chief financial officer, became president in 2006 when, after 17 years at the helm, Craig Schnuck stepped down to oversee the company’s growth and governmental affairs allowing Scott and Todd Schnuck to rise to new leadership posts.

With the transition now complete, Todd Schnuck, as president and COO, will take on responsibility for the operating side of the family business. He will oversee store operations, merchandising, marketing, logistics, continuous improvement, industrial engineering, facilities maintenance and consumer affairs, as well as pharmacy and fuel operations.

Todd Schnuck earned his B.A. from the University of Virginia in 1981 and an M.B.A. from Cornell University in 1983. He served as associate vice president for investment banking at A.G. Edwards & Sons, Inc. for four years before joining Schnucks in 1987. For the past 22 years, he has been the company’s chief financial officer. 

As chairman and CEO, Scott Schnuck now has oversight for the office of COO as well as strategy, finance, technology, human resources, public relations, legal, real estate, loss prevention, food safety and store design and construction. 

Scott Schnuck explained, “This restructuring will allow me to concentrate on guiding the company forward while Todd will ensure that we continue working to enhance the overall customer shopping experience in our stores.” 

Also announced as part of the restructuring was the retirement of two senior executives at the company. Bill Bredenkoetter, senior vice president of store operations, and Randy Wedel, senior vice president of marketing and merchandising, will be retiring Sept. 28 – the end of Schnucks fiscal year. Both have agreed to work in senior consulting roles for the company after their retirements.

Bredenkoetter has been with Schnucks for 38 years and has headed up store operations for 22. Wedel has been with the company for 22 years and in his current position for 19 years. “Both Bill and Randy have made significant contributions to the organization over the past two decades,” Scott Schnuck said. 

Scott Schnuck also announced these additional management moves in the company:

Dave Bell, CFA, 42, formerly treasurer, is the company’s new chief financial officer, reporting to Scott Schnuck. Bell will have responsibility for all accounting, budgeting and treasury functions of the $2.5 billion company. Bell joined Schnucks in 1984, and after earning his MBA, went on to serve as director of financial planning, assistant treasurer and treasurer.

Ryan Cuba, 41, will become vice president of store operations reporting to Todd Schnuck. A former May Company executive, Cuba joined Schnucks in 2006 as director of financial planning and budgeting.

Lori Caster, 42, will become vice president of merchandising reporting to Todd Schnuck. Caster, formerly group vice president center store merchandising, will be responsible for all merchants and category managers. She will have responsibility for sales, gross profit management, assortment planning, procurement and pricing.

Mary Moorkamp, 47, general counsel and secretary, will take on additional responsibility for real estate, facilities research, loss prevention and food safety. Moorkamp will report to Scott Schnuck.

Rick Frede, 56, formerly senior vice president of logistics, will become chief talent and strategy officer. Frede will be responsible for organizational development, succession planning, human resources and strategy. Frede reports to Scott Schnuck.

Steve Carroll, 53, will become vice president of logistics, which under the new structure, will report to Todd Schnuck. Carroll will have full responsibility for transportation and warehousing.

Founded in St. Louis in 1939, Schnuck Markets, Inc. operates 105 stores (including five Logli stores) and 101 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Iowa, Tennessee and Mississippi.