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The Penn Traffic Co.’s SVP and CFO, Tod A. Nestor will resign effective Sept. 18 to become CFO at New York-based Fairway Market. Nestor’s duties will be taken over at that time by Penn Traffic controller Eric Sattler, who was appointed VP, finance. While Sattler serves as interim CFO, the Syracuse, N.Y.-based grocer will conduct a formal search for a permanent successor.
Sattler has over 20 years of financial, accounting, operational and general management experience. He has been Penn Traffic’s controller since 2005 and has held a variety of other senior finance positions at the company since 1993.
“In addition to the many improvements we’ve made on the operational and financial side of our business, we’ve been developing and adding management talent throughout our corporate and administrative functions,” said Penn Traffic president and CEO Gregory J. Young, who noted the “talented and experienced” management team the food retailer has put together over the past two years, in the wake of its emergence from a second bankruptcy in five years. “Eric is a prime example of the strength we have in key areas of our organization. He has the experience, skills and expertise we need to continue implementing key finance and accounting initiatives as we execute our strategy for rebuilding Penn Traffic.”
Penn Traffic owns and operates supermarkets under the P&C, Quality and BiLo banners in upstate New York, Pennsylvania, Vermont and New Hampshire.