Edwin J. Holman, who takes over as interim CEO of The Pantry on Oct. 5, will be paid an annual salary of $700,000 a year, the Cary convenience-store chain disclosed in a regulatory filing Tuesday.
Holman is taking over for Terrance Marks, who announced last month that he was leaving The Pantry to become CEO of the Hooters restaurant chain in Atlanta. Marks received $1.5 million in compensation last year.
Holman has been a member of The Pantry's board of directors since October 2005. He took over as chairman of the board shortly after Marks was named CEO in September 2009.
Holman will also receive a restricted stock grant valued at $100,000.
From December 2004 until 2009, Holman was the CEO of Macy's Central, a division of the department store giant with 217 stores throughout the Midwest and Southeast.
The Pantry has hired a recruitment firm has hired to find Marks' permanent replacement.
The chain operates more than 1,600 convenience stores in the Southeast, primarily under the Kangaroo Express brand.
Under Marks, The Pantry had been trying to become less reliant on the sale of gasoline, which has lower margins and is more volatile.
The company has been spending millions to remodel The Pantry stores while adding more fresh food to its offerings.