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INDIANAPOLIS -- The recently appointed c.f.o. of Marsh Supermarkets here has resigned, following disagreements with other executives at the regional retailer about the grocery chain's plans to rethink its operations, including the possibility of a sale.
John Elbin, named to the post in July, resigned Wednesday less than three weeks after receiving a $250,000 discretionary bonus. Douglas W. Dougherty, who served as the retailer's c.f.o. for more than ten years until his retirement in May 2005, has been named s.v.p., c.f.o. and treasurer.
In a statement, Marsh said it believed Elbin did not resign as a result of any inaccuracy in the company's financial statements, but rather over disagreements about the grocery chain's operations with other executives. Elbin, who joined Marsh in July, was given the bonus Nov. 17, which was earlier this week described by a corporate spokeswoman as, "discretionary and awarded for his work refinancing a $95 million credit agreement, as well as his expertise in exploring strategic alternatives."
The regional chain announced Tuesday it would study "strategic alternatives," including selling the company, amid posting a $3.4 million loss during its most recent quarter that ended in October.
The company indicated that Elbin's departure would not change its previously announced plans to pursue strategic alternatives.
Marsh operates 70 namesake grocery stores, 38 LoBill Foods stores, eight O'Malia Food Markets and 160 Village Pantry convenience stories in Indiana and western Ohio.Better