Giant Eagle, Inc. has decided to replace Laura Karet, who served as CEO of the supermarket chain for the past 11 years and appointed an interim director as her replacement, effective immediately.
The company said Bill Artman was selected to replace Karet, “whom the Board decided to separate in accordance with her contract.”
Artman served as the company’s president of supermarkets. The company also appointed current Lead Independent Director Bart Friedman as chair of the board.
In a statement sent to the media, the company thanked Karet for her time as CEO of Giant Eagle. However, it did not explain why the board of directors approved the executive’s departure.
For her part, Karet issued a press release addressing her departure from Giant Eagle.
“After much consideration, I’ve decided to move on to the next chapter of my life and leave Giant Eagle. My tenure at Giant Eagle has been incredibly rewarding, and I have been privileged to guide the organization through intricate challenges and unprecedented achievements,” said Karet.
“I am immensely proud of my colleagues and our collective efforts, which, thanks to our talent and tenacity, have allowed Giant Eagle not only to persevere but also flourish in recent years,” she added.
“It has been an honor to contribute to this mission, and as I look toward my next chapter, I will be taking some much-needed time with my family. I would like to express my gratitude to all of our team members for their unwavering commitment to our communities and for embodying the spirit of teamwork. I am very proud of what we have accomplished together,” concluded Karet.
The supermarket chain was founded by five families in 1931 and was led by Karet’s father, David Shapira, from 1980 to 2011, and his grandfather, Saul Shapira, from 1968 to 1980, the Pittsburgh Post-Gazette reported.
“It is a privilege to continue to work with the talented team at Giant Eagle, and I look forward to getting started in this new role,” said Artman.
Currently, Giant Eagle boasts $11.5 billion in sales and operates nearly 500 stores.
“We are pleased to welcome Bill into this new role,” said Friedman. “Bill has been a valued member of the Giant Eagle team for nearly 40 years, and we are more than confident he is the right leader for the next phase of this storied company.”