Perry Odak is now the former CEO of Wild Oats and the company's chairman, Gregory Mays, a long-time supermarket industry veteran, will take over the position on an interim basis.
Mr. Odak joined Wild Oats in 2001 after having been the CEO and president of Ben & Jerry's for four years. Recently it has been reported he was involved in negotiations to extend his contract but the parties were not able to come to an agreement. He will stay on for an additional 90 days to help with the transition.
Mr. Mays became chairman of Wild Oats shortly after joining the company's board in July. He has 33 years in the industry, having worked in executive positions at Ralphs Grocery Co., Food 4 Less Supermarkets, Alpha Beta Stores, Almacs' Supermarkets and Cala Foods.
Wild Oats has established an executive committee comprised of Mr. Mays, along with Brian Devine, chairman of Petco, and John Shields, a member of the company's board since 1996 and its non-executive chairman for eight years.
"We are grateful for the leadership and direction provided by Mr. Odak during his time here. He stepped in during a difficult period, executed a successful turnaround and helped establish the Company as a true lifestyle brand," said Mr. Mays in a company press release. "My colleagues Brian Devine, John Shields and I are united in our goal to ensure that Wild Oats will have the tools needed to continue to grow the business. As a major natural and organic food retailer in the industry, we will continue to focus on building meaningful connections with our customers."
Reinforcing his interim role, Mr. Mays said, "We are in the process of establishing a timetable to name a new CEO. We plan to commence a diligent search that will identify a candidate who understands our customer base and will lead this company and brand into its next phase of growth."
Discussion Question: How will Gregory Mays and the influence of Yucaipa Cos. affect Wild Oats in the post Perry Odak era?
Mr. Mays came to the board of Wild Oats as a result of his relationship with Ron Burkle, managing partner of Yucaipa Cos. The investment firm bought an initial stake in the natural and organic foods supermarket chain last year.