Annual Shareholders’ Meeting Held on October 29, 2015
Keasbey, NJ (October 29, 2015)
– Wakefern Food Corp. Chairman and CEO Joseph S. Colalillo and President and COO Joe Sheridan addressed Wakefern’s shareholders, store management and staff at the company’s annual shareholder meeting today in East Brunswick, New Jersey.
The company reported a record retail sales level of $15.7 billion for the 53-week fiscal year ending October 3, 2015, a 6.7 percent increase from the prior year, and $12.8 billion in Wakefern wholesale sales. The cooperative opened five new ShopRite® stores and four Price Rite® stores during the same period.
“Our customers have different expectations of us today, and we need to meet those expectations. We are going to deliver that customer experience by uniting around our purpose and bringing our values to life in our stores,” Colalillo told a gathering of 900 people at the Hilton in East Brunswick.
Colalillo announced the retirement of two longtime members from Wakefern’s Board of Directors: Steve Ravitz, president of Supermarkets of Cherry Hill, and Kenneth Capano, president and CEO of Five Star Supermarkets.
“We thank Steve Ravitz and Ken Capano for their decades of service, wisdom and expertise on the board. Both men will remain active in their own companies and with the cooperative,” said Colalillo, who also welcomed new board members Neil Greenstein, president of Brookdale ShopRite/ShopRite of Newark, and Marshall Klein, vice president and COO of Klein’s Shoprite of Maryland.
“We look forward to working with our new members and the entire board as we shape our future successes,” added Colalillo.
“Our world is rapidly evolving and we are transforming with it,” noted Joe Sheridan. “We’re optimizing our brick and mortar experience, accelerating our digital platforms and engaging our associates to deliver the ultimate customer experience.”
Also at Thursday’s meeting, Wakefern shareholders elected to the Board of Directors: Joseph S. Colalillo as chairman and CEO; Larri Wolfson, Irv Glass and Dominick J. Romano as vice chairmen; Lawrence Inserra, Jr., treasurer; Jeffrey Brown, assistant treasurer; Richard Saker, secretary; Ned Gladstein and Nico Sumas, assistant secretaries; as well as Robert Clare, Jordan Coe, Lawrence Collins, Sr., Harry Garafalo, Jon Greenfield, Charles Infusino, Vincent Lo Curcio III, Leonard Sitar, Richard Tully and Richard McMenamin.
Joe Sheridan was also re-elected as president and COO.
About Wakefern Food Corp.
From a small, struggling cooperative with eight members – all owners of their own grocery stores – Wakefern Food Corp. has grown into the largest retailer-owned cooperative in the United States. Founded in 1946, the cooperative is comprised of 50 members who today individually own and operate more than 260 supermarkets under the ShopRite and The Fresh Grocer banners in New Jersey, New York, Connecticut, Pennsylvania, Maryland and Delaware. In 1996, Wakefern introduced Price Rite stores, extending the company’s reach into Rhode Island, Massachusetts and Virginia. In 2014, Wakefern extended rights to the Price Rite banner to cooperative members. Today, there are more than 60 Price Rite stores in eight states. As the merchandising and distribution arm of ShopRite, Price Rite and The Fresh Grocer, Wakefern, together with its member companies, employs more than 70,000 people, making it one of the largest employers in New Jersey. Wakefern also distributes products to other supermarkets throughout the northeastern United States and Bermuda. Wakefern was named one of the Best Places to Work in NJ by NJBIZ Magazine in 2011 and again in 2012. In 2011, Supermarket News gave Wakefern its Retail Excellence Award and The Griffin Report named Wakefern Retailer of the Year. Supermarket News also recently awarded Wakefern the 2013 Technology Excellence Award. For more information, please visit www.Wakefern.com