According to papers Weis filed with the Securities and Exchange Commission (SEC) relating to Weis’ separation agreement with Hepfinger, the former chief executive will receive a payment of $2.25 million at the end of this year, and another payment of $1.75 million at the end of 2014. He will also be paid at his current salary through the end of 2014 and receive company health coverage through the end of 2016. As part of the separation deal, Hepfinger is also entitled to several incentive and retirement plans. The 55-year old industry executive had signed a new five-year agreement with Weis in March.
Hepfinger joined Weis Markets as president and chief operating officer (COO) in March 2008. He added the duties of chief executive officer in 2009, replacing the retiring Norm Rich. Hepfinger began his career at Price Chopper, based in Rotterdam, NY, starting as a night dairy clerk while in high school. Earlier in his 32-year career with Price Chopper, he worked as a department head, store manager and district manager before entering senior management. He subsequently served as the company’s vice president of merchandising, vice president of retailing operations and regional vice president.
Schertle joined Weis as vice president of sales and merchandising in 2009. He was made an executive VP in July 2012. He has more than 20 years of food retailing experience, including with Shoppers Food & Pharmacy, where he last worked as a senior vice president of marketing and merchandising. Schertle began his career with Basics Food Stores, working at store level before being promoted to store manager. Schertle moved up through the company, which eventually became Metro Food Markets, holding positions such as pricing director, director of GM/HBC, grocery director and vice president of grocery. When Metro was consolidated into the Shoppers organization, he served as grocery director of the combined organization before being promoted to vice president of grocery. He had left the supermarket industry for a brief stint in another retail business before taking the position at Weis Markets.