Dive Brief:
- Arko Corp, parent company of convenience store retailer GPM Investments, appointed two new directors to its board on June 7, according to documents filed with the U.S. Securities and Exchange Commission.
- The new members include Laura Karet, former CEO of convenience and supermarket retailer Giant Eagle, and Avram Friedman, an adjunct associate professor of business at Columbia Business School. Friedman is replacing Starlette Johnson, who stepped down effective May 5, and Karet is filling a role created when the company expanded the board from seven to eight members.
- Karet and Friedman also will serve on the board’s audit committee. Arko is required to have three members on the committee to remain listed on the NASDAQ, according to SEC documents. When Johnson retired, Arko was left with only two.
Dive Insight:
Two new board members on Arko’s audit committee gives the company more leeway if another member needs to unexpectedly step down.
Karet was CEO of Giant Eagle from January 2012 through her departure in March 2023. She also was chair of the board from January 2022 through the end of her tenure, according to her LinkedIn profile. Karet oversaw several technology upgrades at the grocer over the years, including automated checkout and inventory robotics.
Prior to Giant Eagle, Karet worked at the Sara Lee Corporation and Procter & Gamble.
Before joining Columbia in 2021, Friedman was a director for GPM Investments from 2014 to 2020. He also spent nearly 20 years at investment management firm Davidson Kempner, serving as a managing member for most of that time. He co-managed the firm’s credit portfolios and served on investment and risk committees.
Karet and Friedman are expected to serve on Arko’s board until the 2024 and 2025 shareholder meetings, respectively, according to the documents.
Richmond, Virginia-based Arko has been concentrating on a three-pronged strategy for c-store growth, with a focus on loyalty, foodservice and its “core destination categories” — candy and beer as well as sweet, salty and alternative snacks and packaged beverages. The company has more than 1,500 c-stores in 33 states under a variety of brands, including E-Z Mart, Breadbox, ExpressShop and Pride.
