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12/04/2015

The Fresh Market Terminates COO Sean Crane

The Fresh Market Inc. has terminated Sean Crane, EVP and COO of the Greensboro, N.C.-based specialty grocer, without cause, effective Dec. 4, according to a Security and Exchange Commission filing.

When former CEO Craig Carlock left The Fresh Market last January, Crane took over as interim CEO while the company searched for a replacement, eventually hiring Delhaize veteran Rick Anicetti in September.

The company’s board also approved one-time retention grants to EVP and CFO Jeffrey Ackerman and SVP-General Counsel Scott Duggan of restricted stock units (RSUs) with a grant date value of $600,000 and $400,000, respectively, in accordance with an RSU award agreement with each executive. The RSUs will vest in full on Dec. 2, 2017, if the executive remains continuously employed by the company through that date and will continue to vest if the executive is terminated before that time without cause.

The executive moves came as The Fresh Market revealed acquisitions of sites in Winchester, Va., and Columbia, S.C., where it plans to open stores in autumn 2016. Once opened, the stores will be the grocer’s 16th location in Virginia and ninth in South Carolina.

PG reported late last month on Anicetti’s plans to “reinvent” the company.

The Fresh Market operates 183 stores in 27 states.