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SYRACUSE, N.Y. - The Penn Traffic Co. has appointed supermarket industry finance executive Robert B. Dimond as its new e.v.p. and c.f.o., subject to the approval of the U.S. Bankruptcy Court for the Southern District of New York.
Bob Chapman, president and c.e.o. of Penn Traffic, said Dimond's appointment marks another major milestone in the company's efforts to reorganize. "Bob's wealth of experience will be a tremendous contribution to our organization as we exit Chapter 11 and position the company for long-term growth," said Chapman.
Penn Traffic also recently announced that it intends to emerge from Chapter 11 in the first quarter of 2005.
Dimond replaces William B. Murphy, who has been serving as Penn Traffic's interim c.f.o. Murphy will remain with Penn Traffic for an unspecified period of time to facilitate the transition and assist with the restructuring process.
Dimond joins Penn Traffic with 16 years of experience in finance and accounting at supermarkets throughout the United States, including a stint as e.v.p., c.f.o., and treasurer for Minneapolis-based Nash Finch Co., a $4 billion supermarket operator and food distribution company. Previously Dimond was group v.p. and c.f.o. for the Kroger Co.'s western region, and served as v.p. and controller for Smith's Food & Drug Centers, Inc.
Penn Traffic entered Chapter 11 in May 2003 with the intention of exiting reorganization as a stronger, more competitive company. In December 2004 the company filed its First Amended Plan of Reorganization Disclosure Statement with the U.S. Bankruptcy Court for the Southern District of New York.