SUNBURY, Pa. — Weis Markets has re-upped president and CEO David Hepfinger's contract with a new five-year deal, according to an 8-K filing made Wednesday.
The new contract is retroactive to March 1 and supersedes Hepfinger's previous contract enacted March 1, 2010.
Weis shares were up slightly by 26 cents to $41.02 in mid-morning trading.
The contract extension announcement comes one week after Weis reported 52-week 2012 sales of $2.7 billion, down 1.9% compared to the 53-week year ago period. "We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income," Hepfinger said. "We successfully worked through these challenges by efficiently managing and improving our stores and supply chain, which helped us drive strong net income increases and maintain our market share."
Hepfinger noted that Weis has been making "record investments" into its store base and will continue that investment into 2013.