Penn Traffic Appoints Young President and C.E.O. Following Panasuk's Resignation

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Penn Traffic Appoints Young President and C.E.O. Following Panasuk's Resignation

SYRACUSE, N.Y. -- The board of directors of the Penn Traffic Co. have voted unanimously to appoint e.v.p. and c.o.o. Gregory J. Young to serve as president and chief executive officer, effective immediately. The appointment came in the wake of president, c.e.o., and director Robert R. Panasuk's resignation from the company for personal reasons.

"Since rejoining Penn Traffic in 2006, Greg has been an important architect of our plans and strategy for turning the company around, and he's emerged as a key leader on the management team," said company chairman Robert J. Kelly in a statement. "As c.e.o., Penn Traffic will continue to benefit from his leadership and three decades of industry experience."

Fifty-one-year-old Young, a Syracuse native, first worked for Penn Traffic from 1974 to 1999, joining as a part-time associate in its stores and rising through the ranks in various management positions. He rejoined the company as chief marketing and distribution officer in July 2006, and became c.o.o. in October 2006. In between his stints with Penn Traffic, he was with C&S Wholesale Grocers in Keene, N.H. for three years as v.p. of perishables and v.p. and g.m. of C&S Retail, and from 1999 to 2003 he was group v.p. and g.m., v.p. of store operations, and v.p. of sales and merchandising for the Atlantic & Pacific Tea Co.'s A&P Super Foodmart in Springfield, Mass.

Young will keep his current seat on the board and head Penn Traffic's management team of experienced grocery and retail executives, according to the company.

Penn Traffic currently operates 105 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C and Quality banners. The company also operates a wholesale food distribution business serving about 120 independent operators and Penny Curtiss, a Syracuse-based commercial bakery.