Altoona convenience store chain Sheetz Inc. is shifting toward a new generation of family leadership, with management changes planned to take place next year at the 60-year-old business.
Joe S. Sheetz, now executive vice president of finance and store development, will become president and chief executive officer at the end of the fiscal year in October 2013, according to a company announcement this morning.
Stan Sheetz, who has held those positions for 17 years, will become chairman, while chairman Steve Sheetz will move into a newly created position of family council chairman.
The business, founded in 1952, reported more than $6.3 billion in 2012 revenue. It has more than 400 convenience stores across six states.
"We always want to be sure the family has a strong role in the future of the company," Steve Sheetz said in a prepared statement. "We'd like to ensure that Sheetz continues to be a family business. Bringing in a new generation of leadership is an exciting first step toward maintaining that legacy."
Joe S. Sheetz, who graduated from the University of Pennsylvania's Wharton School of Business, started at the company in 1995 as director of personnel and became executive vice president of finance in 1996.
The company's announcement said its new family council position will allow Steve Sheetz to represent the family shareholders in company-related issues while he also stays on as chairman of CLI Transport, the company's fuel carrier, and keeps his seat on the board of directors.breaking - region - businessnews