Nash Finch executives out after buyout by Michigan wholesaler - Bring Me The News

Nash Finch executives out after buyout by Michigan wholesaler


Edina-based grocery wholesaler Nash Finch Co. is losing four top executives once a Michigan-based wholesaler takes over operations after it completes its buyout, the Star Tribune reports.

Spartan Stores bought out Nash Finch for $1.3 billion in July. The transaction is expected to be completed by the end of year.

Nash Finch said in a filing with the Securities and Exchange Commission Thursday that at the request of Spartan, CEO Alec Covington, chief financial officer Robert Dimond, chief information officer Calvin Sihilling and chief operating officer for wholesale and retail Kevin Elliott were all terminated last week.

All four will be compensated in the millions per a "change of control" agreement. The SEC filing says Covington will walk away with $17 million, which includes $8.5 million in deferred compensation.

Once combined, the companies will have 22 distribution centers that cover 37 states and 177 retail stores.

The companies announced in a press release last month that the sale cleared the waiting period required by the Hart-Scott-Rodino act with no action by the Federal Trade Commission or the Department of Justice.

The HSR period is required in order for a transaction to be completed.

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