NEW YORK — Great Atlantic & Pacific Tea Co. named its second chief executive in fewer than six months as the troubled supermarket operator reported a wider fiscal-first-quarter loss on weakening sales and margins.
The Montvale, N.J., company named Sam Martin president and chief executive, replacing Ron Marshall, who had joined A&P in January. Mr. Martin assumes a company dealing with declining sales, the need for more liquidity and losses in 33 of the past 40 quarters, according to CapitalIQ.
In addition, A&P shares hit a multidecade low Friday, falling as much as 36% to $2.50. The stock closed at $2.61, down $1.32, or 34%, in 4 p.m. composite trading on the New York Stock Exchange.
"Although we are clearly disappointed with our performance in the first quarter, we are confident that we now have the right leadership in place to drive this operational and revenue-driven turnaround effort and make A&P a great company again," A&P Executive Chairman Christian Haub said.
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