Richmond, VA - The Board of Directors of Richfood Holdings, Inc. announced the election of John E. Stokely as Chairman of the Company's Board of Directors. Mr. Stokely will continue to hold the offices of President and Chief Executive Officer. Mr. Stokely's election to the office of Chairman is consistent with the Company's executive succession plan that has been implemented since 1997.
Mr. Stokely joined Richfood as Chief Financial Officer in 1990, and served as the Company's Executive Vice President - Finance and Administration from 1993 to 1995, its President since 1995 and its President and Chief Executive Officer since January 1997. He is also a director of Richmond-based Performance Food Group Company.
Mr. Stokely succeeds Donald D. Bennett, who served as Chairman of Richfood since 1995 and as President and Chief Executive Officer from 1990 to 1995. Mr. Bennett will remain a Director of the Company and hold the title Chairman Emeritus.
Mr. Stokely said, “Don Bennett was the architect of much of what makes Richfood great . We owe him an enormous debt of gratitude and are delighted that we will continue to benefit from his wise counsel on the Board. I am honored to follow in his footsteps.”
At its meeting , the Board of Directors also declared a quarterly cash dividend on its outstanding Common Stock for the fourth quarter of fiscal 1998. A cash dividend of $0.04 per share will be payable on or about June 30, 1998, to shareholders of record on June 26, 1998.
Richfood Holdings, Inc., headquartered in Richmond, Virginia, is the largest wholesale food distributor in the Mid-Atlantic operating region. The Company provides a full range of grocery, dairy, frozen food, produce, meat and non-food items to chain and independent retailers throughout the region. The Company also operates the Metro chain of 17 retail grocery stores in the metropolitan Baltimore area, 45 Farm Fresh retail grocery stores located primarily in the Tidewater, Virginia region, and, through Shoppers Food Warehouse, acquired by the Company on May 18, 1998, 37 supermarkets in the greater Washington D.C. market.
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