UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 4, 2003
FOODARAMA SUPERMARKETS, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
New Jersey 1-5745-1 21-0717108
--------------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
922 Highway 33, Building 6, Suite 1, Freehold, New Jersey 07728
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 462-4700
--------------------------------------------------------------------------------
Not Applicable
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
------------
On November 4, 2003, Foodarama Supermarkets, Inc. (the "Company" or
"Foodarama") issued a press release announcing that its founder Joseph Saker,
had decided to step down as the Company's Chief Executive Officer, but will
continue as executive Chairman of the Company's Board of Directors. Richard
Saker, currently President and Chief Operating Officer of the Company, will
succeed his father as Chief Executive Officer. In addition, the Company's Board
of Directors approved the terms of a two year employment agreement with Joseph
Saker. A copy of the press release is furnished as Exhibit 99.1 to this current
report.
Item 7. Financial Statement and Exhibits
--------------------------------
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Press release dated November 4, 2003
of Foodarama Supermarkets, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
FOODARAMA SUPERMARKETS, INC.
-----------------------------
(Registrant)
By: /S/ Michael Shapiro
--------------------
Michael Shapiro
Senior Vice President and Chief Financial
Officer
Date: November 5, 2003
EXHIBIT 99.1
CONTACT: Robert V. Spires
Senior Vice President
(732) 294-2325
FOR IMMEDIATE RELEASE
FOODARAMA ANNOUNCES THAT JOSEPH SAKER
WILL STEP DOWN AS CHIEF EXECUTIVE OFFICER
AND WILL CONTINUE AS EXECUTIVE CHAIRMAN OF THE COMPANY;
RICHARD SAKER HAS BEEN ELECTED TO SUCCEED HIS FATHER AS
FOODARAMA'S CHIEF EXECUTIVE OFFICER
Freehold, N.J., November 4, 2003 - Foodarama Supermarkets, Inc. (ASE-FSM)
(the "Company" or "Foodarama") announced today that its founder, Joseph Saker,
has decided to step down as the Company's Chief Executive Officer, but will
continue as Executive Chairman of the Company's Board of Directors. Richard
Saker, currently President and Chief Operating Officer of the Company, will
succeed his father as Chief Executive Officer of Foodarama. The Company's Board
of Directors has approved the terms of a two year employment agreement with
Joseph Saker.
Joseph Saker founded Foodarama in 1958 and served as the Company's Chief
Executive Officer from inception and as its Chairman since 1971. Mr. Saker also
served as the Company's President from inception until 2000, at which time
Richard Saker was elected President of the Company. Joseph Saker's strategic
vision, dedication and commitment to excellence have been instrumental in the
growth and success of Foodarama over more than four decades.
Mr. Saker was one of the early founding members of Wakefern Food
Corporation, the Shop Rite retail food cooperative of which Foodarama is a
member. Wakefern is the largest retail food cooperative in the world. In
addition, he was one of the founding members of the New Jersey Food Council as
well as the St. Joseph's University Academy of Food Marketing. Mr. Saker was a
member of the Board of Directors of the St. Joseph's Academy of Food Marketing
for a period of 29 years, serving as Chairman of the Board for 23 of those
years.
Thomas Infusino, Chairman of Wakefern Food Corporation, stated that "Joe
Saker has been recognized in the supermarket industry as a man of great
leadership skills, knowledge, experience and personal integrity. He has inspired
and will continue to inspire those that work with him."
Effective November 2, 2003, Richard Saker assumed the role of Chief
Executive Officer of Foodarama. Richard Saker has been employed by the Company
since 1969, serving in several management positions since that time, including
his most recent position as President and Chief Operating Officer of the
Company. He serves as a member of the Company's Board of Directors. In addition,
Richard Saker serves as a member of the Board of Directors of Wakefern Food
Corporation and St. Joseph's Academy of Food Marketing. Richard Saker is a
graduate of St. Joseph's University, Philadelphia, Pennsylvania.
Commenting on the succession, Joseph Saker stated that "Richard Saker has
been a source of strategic guidance for the Company during his long tenure as an
executive officer of the Company. His tireless dedication to growing the Company
will serve it well in the years to come."