DOW JONES21,413.44+469.93 2.24%
S&P 5002,526.90+56.40 2.28%
NASDAQ7,487.31+126.73 1.72%

New Fresh Market CEO A Pro In Turnarounds, Says Grocery Dive Report

Specialty grocery chain The Fresh Market appointed Jason Potter as CEO effective March 2. The executive boasts extensive experience to turn around the formerly public company, which was acquired by Apollo Global Management in 2016.

Benzinga · 03/05/2020 18:45

Specialty grocery chain The Fresh Market appointed Jason Potter as CEO effective March 2.

The executive boasts extensive experience to turn around the FORMERLY PUBLIC COMPANY, which was acquired by Apollo Global Management in 2016.

The Fresh Market's New CEO

Potter brings more than three decades of experience in the grocery industry, with most of that time at Canada's Sobeys, according to Grocery Dive.

Most notably, the executive oversaw Sobeys' "Project Sunrise," an initiative to slash costs in reaction to years of poor performance.

Potter emphasized operational discipline, streamlined organizational structures and better pricing, the publication said; the end result was Sobeys outperforming its $500-million cost savings target.

The Fresh Market has shown a similar profile, including years of rapid expansion amid growing demand for specialty grocery products.

The company recently had to slow its store growth and close poor-performing units.

Moody's Cautious On The Fresh Market 

Potter's appointment as The Fresh Market CEO follows a cautionary note from Moody's Investors Services, according to Grocery Dive.

The grocery chain faces growing competition and pricing pressure from "larger and better-performing competitors," Moody's said, adding that these factors make the likelihood of an uptick in profit "difficult to come by."

But Potter could be up to the task, according to IGD Canada program director Steward Samuel.

He told Grocery Dive the CEOis an expert at cutting through the "current turbulence of the natural premium food segment to create a more relevant and different offer."

The Fresh Market's prospects of rebounding are in small part aided by the demise of rival specialty grocers like Earth Fare and Lucky's, according to Grocery Dive.

Related Links:

A Glimpse Of Amazon's First Full-Size Grocery Store With No Checkout Cash

You Can Soon Order Fresh Food And Alcohol To Pick Up At Target

Photo courtesy of The Fresh Market.