Shares of Fairway tumbled in aftermarket trading Thursday after the grocery chain reported a loss in its fiscal third quarter and said its CEO is stepping down.
The company said Herbert Ruetsch is retiring after two years as CEO and 15 years with the company. William Sanford, who has been president of the company since April 2012, will become interim CEO. Fairway said it will start a search for a new CEO soon, and it will consider candidates from inside and outside the company.
Mr. Ruetsch, who has been with the company for 15 years, will continue to advise Fairway.
Fairway, which has a store in Harlem, New York, New Jersey and Connecticut, also said it will streamline its business to “remove redundant costs.”
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