Fresh Market shakeup surprises analysts, displeases investors
As reported by SN Monday, Carlock, a 15-year veteran of the company and its CEO since 2009, resigned as CEO and from the company’s board of directors. EVP and COO Sean Crane was named interim CEO while the company launches a national search for a successor. That represents a bit of a change for The Fresh Market which historically has hired its leaders from within.
“It seems unusual to us that someone with as much history with the company as Mr. Carlock would leave without grooming a successor,” Chuck Grom, an analyst following The Fresh Market for Sterne Agee, said in a research note. Grom noted that Carlock was admired by Ray Berry, the company’s founder and board chairman, whose family still holds a large stake in The Fresh Market.
Berry in a statement praised Carlock for his role in taking the company public, and helping it to post increases in sales and earnings during his tenure. He also stressed that the company was maintaining its sales and earnings forecast for the fourth quarter, although stock was down by more than 10% early Tuesday.
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