William Sanford will step down from the role of president and chief operating officer effective immediately, but will remain with the company during a transition period.
Brands Inc.announced thatWilliam 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'
"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