Business

May 23, 2014

The Pantry names former BP America CEO to its board

The Pantry announced Friday that Ross Pillari, a former CEO of BP America, has joined the company's board of directors effective May 21.

The Pantry announced Friday that Ross Pillari, a former CEO of BP America, has joined the company's board of directors effective May 21.

Pillari currently serves as an advisory board member on energy and utilities related projects for CVC Capital Partners, a private equity and investment advisory firm. From 2011 to 2014, he served on the board of ZeaChem, a private company fuel technology company.

Pillari is being brought on to provide the Cary-based convenient store chain with more fuel expertise. The company has been hurt by lower fuel margins in recent quarters as the Southeast has had the lowest retail fuel margins of any area of the United States. The Pantry has 1,538 stores in the Southeast, primarily under the Kangaroo Express brand.

A year ago The Pantry completed rolling out a new pricing system to better react to fuel price changes. Still, the company’s fuel gross profit during its fiscal first quarter was $42.6 million, down from $48.4 million during the same period a year ago. Comparable store fuel gallons sold were down 3.2 percent.

Pillari is part of a larger shake-up of The Pantry’s board.

Last month, the company named Thomas "Tad" Dickson, a former chairman and CEO of Harris Teeter, to be chairman of its 9-member board. Dickson replaced Edwin Holman, who lost his seat on the board after three candidates put forward by a dissident shareholder group were elected.

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