INVESTMENT GROUP GETS PENN TRAFFIC BOARD SEATS
SYRACUSE, N.Y. — An investment group that has acquired a 23% stake in Penn Traffic Co. here said last week it had succeeded in placing two representatives on the supermarket operator's board of directors. Kurt Cellar, a partner in New York-based Bay Harbour Management, and Scott Sozio, an analyst at the firm, were both added to board. Penn Traffic, which operates 106 supermarkets under the P&C, BiLo and Quality banners, previously had said it opposed adding representatives from Bay Harbour because they had not signed a confidentiality agreement. A spokeswoman for Penn Traffic could not be reached for comment. Cellar told SN that the issue had been resolved. “We think there's a lot of opportunity to increase cash flow — there's a lot of low-hanging fruit,” he said, although he said it was too soon to determine what actions he might recommend as a director.
ROSS PROMOTED TO DEPUTY CFO POST AT AHOLD
AMSTERDAM — Ahold here has appointed Kimberly Ross, who has been the company's senior vice president and chief of tax and treasury, to the new role of deputy chief financial officer, effective July 1. She will be responsible for Ahold's tax, treasury, mergers & acquisitions, and accounting and reporting activities. She will report to John Rishton, who on the same date will assume the responsibilities of acting president and CFO of Ahold, as reported. Ross has been with Ahold since 2001. Prior to that she worked at Ernst & Young and Seagram in New York. Also on the same date, Andy Nash, now senior vice president, strategic analysis and support, will become senior vice president, treasury, and will report to Ross.