Sanford Steps Down At Interline Brands
Interline Brands Inc.announced that William Sanford, the company's president and chief operating officer, will step down from those positions effective immediately. He has expressed a desire to permanently relocate to Philadelphia by the end of 2008 to spend more time with his family.
Interline Brands will not immediately fill Sanford's position.Michael Grebe, chairman and chief executive officer, and other members of management will assume job responsibilities. Until he leaves the company, Sanford will continue to work on Interlines' acquisition program.
"It has been a pleasure working closely with Mike Grebe and the outstanding management team of Interline Brands over the last 10 years," announced Sanford in the company release. "However, I have decided that commuting between Philadelphia and Jacksonville would require more flexibility to control my calendar, a luxury that is not possible given my current responsibilities as COO. This was an extremely tough decision for all of us, and I would like to thank Mike and the Board for their flexibility and understanding."
Related to Sanford's departure, Interline will incur a one-time charge in the second quarter of approximately two cents per share. This charge, which is largely a non-cash expense, results from the cost to amend certain stock options granted to Sanford in connection with the company's IPO in December 2004, in consideration of long-term non-competition and non-solicitation provisions established in his amended employment agreement.