Kings Names New Head
PARSIPPANY, N.J. - Kings Super Markets here has named Dan Portnoy its new president and c.e.o.
Portnoy succeeds Alan Levitan, who left the company in September, a month after Marks & Spencer, its London-based parent, took the 27-unit upscale chain off the market. After Levitan's departure Kings brought back Jim Meister, a former president, to help the chain restructure and regain its former glory. Meister has now become the company's part-time nonexecutive chairman.
Portnoy had previously been Kings executive v.p. and was managing the chain's day-to-day operations for the past six months. During his career he has also held posts at Cott, the Toronto-based soft drink manufacturer, and Daymon Associates, a marketing firm.
Kings had been on the block for three years, and pending separate deals with D'Agostino Supermarkets and Gristedes fell through at the last minute. During the period the chain was up for sale, its reputation slipped. Revenues and profits have also declined, with sales down 11 percent for the six months ending in September. During that period Kings closed its Wayne and Wyckoff, N.J. stores. Kings continues to operate 25 stores in northern New Jersey and two locations on Long Island, N.Y.
Portnoy succeeds Alan Levitan, who left the company in September, a month after Marks & Spencer, its London-based parent, took the 27-unit upscale chain off the market. After Levitan's departure Kings brought back Jim Meister, a former president, to help the chain restructure and regain its former glory. Meister has now become the company's part-time nonexecutive chairman.
Portnoy had previously been Kings executive v.p. and was managing the chain's day-to-day operations for the past six months. During his career he has also held posts at Cott, the Toronto-based soft drink manufacturer, and Daymon Associates, a marketing firm.
Kings had been on the block for three years, and pending separate deals with D'Agostino Supermarkets and Gristedes fell through at the last minute. During the period the chain was up for sale, its reputation slipped. Revenues and profits have also declined, with sales down 11 percent for the six months ending in September. During that period Kings closed its Wayne and Wyckoff, N.J. stores. Kings continues to operate 25 stores in northern New Jersey and two locations on Long Island, N.Y.