It’s the tip of an period for D’Agostino’s.
Nicholas D’Agostino III — whose household based their namesake grocery chain in 1932 — has quietly stepped down as president and chief working officer of D’Agostino’s and its sister chain Gristedes, The Submit has discovered.
Billionaire John Catsimatidis — who engineered the merger of the two iconic Big Apple chains in 2016 when D’Agostino’s was struggling to pay its bills, placing D’Agostino on the helm — disclosed the modifications to workers a couple of weeks in the past in a memo obtained by The Submit.
In an interview this week, Catsimatidis confirmed the shakeup, saying D’Agostino, 59, has been bumped to vice chairman and will probably be changed by two executives.
“We modified issues up,” Catsimatidis informed The Submit. “Nick is much less concerned within the day-to-day operations,” as an alternative overseeing actual property and particular tasks.
Each companies have shrunk dramatically through the years, with Gristedes all the way down to 18 shops from 200 in its heyday and 11 D’Agostino’s shops, down from 26 at its peak within the New York metro space.
D’Agostino took over the corporate from his father within the early 2000s and is the final of his 4 siblings to be concerned within the enterprise.
“John was sad with the operations and profitability of the enterprise,” an insider informed The Submit.
Catsimatidis for his half mentioned “we’ll use everybody’s strengths to make our firm higher.” D’Agostino didn’t reply to e-mails.
Gristedes Senior Vice President Christopher McGrath was named interim president whereas veteran Kings grocery store government Joseph Parisi was tapped as COO. The corporate didn’t difficulty a press launch in regards to the shakeup.