SUNBURY - The former president and chief operating officer of Weis Markets will be paid nearly $5 million under a separation agreement, according to documents filed with the U.S. Securities and Exchange Commission.
David J. Hepfinger will receive payments of $2.25 million on Dec.31 and $1.75 million on Dec. 31, 2014, according to documents filed with the SEC.
The agreement also calls for Weis Markets to make monthly payments of $69,628 each to Hepfinger from Oct. 31 through Dec. 31, 2014.
SUNBURY — David J. Hepfinger has resigned as president and chief executive officer of Weis Markets Inc., the Sunbury-based company announced today.
Vice Chairman Jonathan H. Weis replaces him as interim CEO and Robert F. Weis remains as Company Chairman.
“We thank Dave for his service and contributions and wish him well in his future endeavors,” Jonathan Weis said.
Hepfinger also resigned from the company’s board of directors. As part of the reorganization, Kurt Schertle, executive vice president, sales and merchandising, will report directly to Jonathan Weis, who will oversee the company’s real estate and store development efforts, finance and human resources teams.
Until the reorganization is complete, Schertle will take on additional responsibilities, overseeing store operations and its operations support team, company officials said today.