Danny Wegman beginning succession to daughter Colleen
There are some changes in the executive ranks at Wegmans.
In what likely has been a succession plan for some time, on Wednesday, the Rochester-based grocer announced that Colleen Wegman has been named President and CEO of the chain and her father, Danny Wegman, will have the title of chairman.
The 45-year-old Colleen Wegman has been with the company since 1991. She was named president in 2005 by the late Bob Wegman, who was her grandfather, and had been chairman of the company. That same year Danny Wegman was named CEO.
“I will continue in my role, but now as chairman of the company,” Danny Wegman said in a written statement. “The time has come to create a structure for the future that will allow us to remain strong, vibrant and family-owned. I have no doubt that our company will be in good hands.”
The 70-year-old Danny Wegman is also co-chair of the Finger Lakes Regional Economic Development Council.
Another daughter, Nicole Wegman, is a senior vice president with Wegmans.
Supermarket analyst Burt Flickinger, Managing Director of Strategic Resource Group, says there will be continuity here, since it is likely Wegmans will continue on as a privately-held company.
“With great leadership comes longevity and family owned and operated and a private corporation which will be great for the Western New York region and great for New York State and great for the industry too," Flickinger said.
Supermarket analyst David Livingston of DJL Research. doesn’t expect the corporate shuffling of positions to result in any big changes. He says Wegmans has grown slowly, but deliberately in terms of adding stores.
“Relative to other chains, they grow very slow, but, the thing is, Wegmans is a smart company and they really take their time before they make any kind of change, they don’t make a lot of mistakes, where a lot of these companies that grow really fast, they make a ton of mistakes, and Wegmans makes very few if any," Livingston said.