RUFUS - New Shire based Product Mart Stores announced that Product Mart CEO Ronald Chlabowy officially extended his contract with the retailer, extending his time as the company's leader until 2031, when he hopes to retire with one of the largest Executive pensions in the nation.
"It is with great excitement that we announce the Chief Executive Officer Ronald Chlabowy would extend his contract," said Company President Burt Geiner. "He said that he would only serve until 2031, and after that he would retire."
Previously, Chlabowy said that he would only work another 5 before retiring. Product Mart had been looking for his replacement after he announced his career would last another 5 years. Prior to that he only planned staying until this year, something that he quickly withdrew.
Chlabowy, now 61 would retire when he was 71, leaving him to fend off an impending retirement. He has not yet confirmed if he would remain as CEO for the full-term or if he would seek to terminate the contract.
"Product Mart has always been a place where I know I am making effective change, and since becoming CEO back in 2021, I've realized that this company has given and continues to give me valuable experience and that is something I will never be able to replicate," said Ronald Chlabowy. "This jobs has given me so much, and my committment to associates and customers alike, will forever remain."
Product Mart and Chlabowy recently signed to newly drafted contract which annulled previous contractual obligations and Ronald Chlabowy will also receive additional stock options, thus furthering his net worth.
This comes as Westley's Home Grocers' Board of Directors and its associates petitioned Product Mart to let it be its own separate entity, and withdraw its ownership from the brand. Product Mart said in a recent statement that "talks are ongoing."
Product Mart also indicated that it had no intention to make any further statement on the matter at this time. However, it did offer information on Chlabowy's contract extension saying it was "welcomed."
As the company braces for a potential loss of one of its strongest assets,