Lewis Golub, the chairman and former CEO of US-based retailer Price Chopper, had died aged 78.
Lewis (pictured) was the second-generation to work in the business his father and uncle founded in 1932. Lewis' cousin, Neil Golub, is the Price Chopper president and CEO: "Lewis' financial acumen and strategic sense helped put our company on firm ground and enabled us to grow both in our home Capital Region and throughout the Northeast," he said.
During his time as CEO, Lewis introduced a profit sharing stock plan in which he encouraged employees to participate. Today, the business is 52% owned by its associates, the largest employee-owned retail food store in the country. The family owns the remaining 48%.
"The loss we are all feeling is more than just the pain of losing someone in your company. He was a part of our family, and not just as a father, an uncle or a cousin. He was a part of the Price Chopper and Capital Region family and everyone in our organisation and our family will miss him deeply," said Neil.
Price Chopper was founded in 1932 when brothers Bill and Ben opened their first public service market. There are three third-generation family members working in the business, Mona, Jerry and David Golub, and the business has revenues of $3.3 billion.
Want to get the latest family business/family office news direct to your desktop? Click here to register to receive our weekly newsletter
Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines