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CARTERET, N.J. -- Pathmark Stores, Inc. here said yesterday that Ted Williams has been promoted to v.p. of non-foods merchandising. Williams, who joined the company in 2005, last held the position of director of non-foods sales and merchandising.
Williams will report to Ken Martindale, Pathmark's co-president and chief merchandising and marketing officer. Before coming to Pathmark, Williams was divisional merchandise manager for CVS/pharmacy.
In other news, Pathmark said late last week it had granted Martindale an option to purchase an aggregate of 500,000 shares of Pathmark common stock at an exercise price of $9.99 per share (the closing price of Pathmark common stock on the last business day before the effective date of Jan. 1) and an award of restricted stock consisting of 200,000 restricted shares of Pathmark's common stock.
The grant was made in accordance with award agreements dated Dec. 14, 2005. The option will vest and become exercisable in three annual installments beginning on the first anniversary of the effective date, and the restricted stock will vest in 12 quarterly installments beginning on March 31, 2006 and each June 30, Sept. 30, Dec. 31, and March 31 henceforth, until the award shares are fully vested.
Pathmark is a regional supermarket chain currently operating 141 supermarkets primarily in the New York-New Jersey and Philadelphia metro areas.