The Pantry got a new CEO that's a bit cheaper than the old one.
The Cary-based convenience store chain on Thursday named former Coca-Cola bottling executive Terrance M. Marks as its new CEO. He replaces Peter J. Sodini, who was CEO since 1996.
In a filing with the Securities and Exchange Commission this afternoon, the Pantry disclosed that it will pay Marks an initial annual salary of $750,000 plus restricted stock, a bonus and other perks.
That base salary is less than the $800,000 Sodini made last year, according to an earlier SEC filing. Sodini's total compensation was about $2.3 million.
Marks, 49, is a former executive with Coca-Cola Enterprises, the Atlanta-based company that is the world's largest soft-drink distributor.
Marks will start as CEO on Sept. 15. Sodini will resign as CEO on Sept. 24.