Weis Markets officials announced last week CEO David Hepfinger abruptly left the company.
Hepfinger submitted his resignation from his position as CEO and his seat on the board of directors “to pursue other interests,” according to Weis Markets’ officials.
In light of Hepfinger’s departure, Vice-Chairman Jonathan Weis was appointed interim CEO and Kurt Shertle, Weis’ evp for sales and marketing, will report to Weis and assume additional responsibilities for store operations.
Hepfinger worked as CEO since 2009. During his tenure, Hepfinger led plans for expanding and modernizing the century-old company, which included remodels, acquisitions, focusing on perishables, updating technology and debuting loyalty programs. However, sales have dropped for more than a year at Weis, including a 4.8 percent decline in comparable store sales during the second quarter.
Last March, Hepfinger signed a five-year agreement with Weis. His separation agreement includes receiving a payment of $2.3 million at the end of 2013, a $1.75 million payment at the end of 2014, in addition to collecting his current salary throughout 2014.