Meet the Weis Markets Board of Directors

Weis Markets is one of the largest supermarket chains in the United States, with nearly 200 stores operating in seven states. Leading the charge in the company's success is its board of directors, a group of experienced industry leaders with extensive knowledge in retail, finance, and governance. In this article, we will take a closer look at the Weis Markets board of directors, its history, leadership, roles, and responsibilities, corporate governance framework, and future plans.

Who are the Members of Weis Markets Board of Directors?

The Weis Markets board of directors comprises nine members, each bringing a unique perspective, skill set, and expertise to the table. As of now, the current members of the board are Jonathan H. Weis, David J. Hepfinger, Scott F. Frost, Rosemary G. Becchi, Brian F. Holt, Mark J. Pfeil, Thomas P. Riordan, John F. Scheurer III, and Howard J. Trienens. Together, they provide strategic guidance and oversight to the management team, ensuring that Weis Markets continues to grow and innovate.

Jonathan H. Weis is the current Chairman and CEO of Weis Markets. He has been with the company for over 25 years and has played a significant role in its growth and success. David J. Hepfinger, on the other hand, is a seasoned executive with over 30 years of experience in the food retail industry. He has held various leadership positions in several companies, including Price Chopper Supermarkets and Stop & Shop Supermarkets.

Scott F. Frost is a retired partner of PricewaterhouseCoopers LLP, where he worked for over 30 years. He has extensive experience in accounting, auditing, and financial reporting. Rosemary G. Becchi is a tax policy expert and a former tax counsel to the U.S. Senate Finance Committee. She has also served as a commissioner of the New Jersey Board of Public Utilities.

The History of Weis Markets Board of Directors

Weis Markets' board of directors can trace its roots back to its founding in 1912. At that time, the company was owned and operated by the Weis family, who played leadership roles in the organization. However, in 1966, the company became publicly owned, and with the complexities and challenges that come with a public company, the need for a formal board of directors became apparent. Since then, the board has gone through several changes and transformations, adapting to the evolving needs of the company and the industry.

One significant change to the board of directors occurred in 1996 when Robert Weis, a member of the founding family, retired from the board. This marked the first time in the company's history that a member of the Weis family was not involved in the leadership of the organization. However, the board continued to be composed of experienced business leaders who brought diverse perspectives and expertise to the company.

Today, Weis Markets' board of directors is composed of ten members, including the current CEO, Jonathan Weis, who represents the fourth generation of the Weis family to lead the company. The board is responsible for overseeing the company's strategic direction, financial performance, and risk management, ensuring that Weis Markets continues to thrive and grow in the competitive grocery industry.

How is Weis Markets Board of Directors Elected?

The members of Weis Markets board of directors are elected by the company's shareholders at its annual meeting. At the meeting, the shareholders vote for the nominees proposed by the board's nominating and corporate governance committee. The committee evaluates potential board members based on their expertise, experience, skills, and diversity, and recommends those who meet the company's standards. The board's bylaws also specify criteria for board membership, such as independence, conflict of interest, and other qualifications.

Once elected, the board of directors is responsible for overseeing the management of the company and making strategic decisions. They meet regularly to review the company's performance, financial statements, and major initiatives. The board also appoints the company's executive officers, including the CEO, and sets their compensation. The board's role is crucial in ensuring that the company operates in the best interest of its shareholders and stakeholders, and that it complies with legal and ethical standards.

The Responsibilities and Roles of Weis Markets Board of Directors

The Weis Markets board of directors has a broad range of responsibilities and roles. One of its primary duties is to oversee the company's management and operations, ensuring that they are aligned with the company's mission, vision, and values. The board also sets the strategic direction of the company, approves major investments and acquisitions, manages risk, and monitors performance. Additionally, the board has a fiduciary duty to act in the best interests of the company and its shareholders, ensuring that the company complies with legal and ethical standards.

Another important role of the Weis Markets board of directors is to ensure that the company maintains a strong financial position. This includes reviewing and approving the company's annual budget, financial statements, and dividend policy. The board also works closely with the company's management team to identify potential financial risks and opportunities for growth.

The board of directors also plays a critical role in overseeing the company's corporate social responsibility initiatives. This includes ensuring that the company operates in an environmentally sustainable manner, supports local communities, and maintains ethical business practices. The board may establish committees or task forces to focus on specific areas of corporate social responsibility, such as diversity and inclusion, employee well-being, or philanthropy.

A Profile of the Chairman of Weis Markets Board of Directors

The chairman of the board of directors is an important leadership role at Weis Markets, responsible for leading meetings, setting the board's agenda, and representing the company to external stakeholders. Currently, the chairman of Weis Markets' board of directors is Jonathan H. Weis, who also serves as the company's CEO. Jonathan joined the family business in 1983 and has played an instrumental role in its growth and development. As a member of the board, he brings a deep understanding of the retail industry, financial expertise, and a commitment to the company's values.

Under Jonathan's leadership, Weis Markets has expanded its footprint and increased its revenue. In 2019, the company reported $3.5 billion in sales and operated 197 stores across seven states. Jonathan has also been recognized for his commitment to sustainability, with Weis Markets implementing energy-efficient practices and reducing its carbon footprint.

Aside from his work at Weis Markets, Jonathan is also involved in various community organizations. He serves on the board of directors for the Central Pennsylvania Food Bank and is a member of the Penn State Smeal College of Business Board of Visitors. Jonathan's dedication to both his company and his community has made him a respected leader in the retail industry.

The Key Achievements and Contributions of Weis Markets Board of Directors

Over the years, the Weis Markets board of directors has made significant contributions to the company's success. One of its notable achievements is the acquisition of 38 Food Lion stores in 2012, which expanded the company's presence in Maryland and southeastern Pennsylvania. The board has also implemented various strategic initiatives, such as enhancing the company's e-commerce capabilities, improving the shopping experience, and promoting sustainability. In addition, the board's oversight and guidance have helped Weis Markets maintain a strong financial position.

Furthermore, the Weis Markets board of directors has been actively involved in philanthropic efforts, supporting various charitable organizations and initiatives. In 2020, the board donated $500,000 to local food banks and organizations to help alleviate food insecurity during the COVID-19 pandemic. The board has also supported education and healthcare initiatives in the communities where Weis Markets operates. These efforts have not only made a positive impact on the communities but have also strengthened the company's reputation as a socially responsible organization.

An Overview of the Corporate Governance Framework at Weis Markets

Weis Markets is committed to maintaining high standards of corporate governance, which includes processes, principles, and policies that promote transparency, accountability, and ethical conduct. The company has established a comprehensive corporate governance framework that outlines the roles and responsibilities of the board of directors, officers, and shareholders. Key governance practices at Weis Markets include regular board evaluations, director independence, executive compensation, risk management, and environmental and social responsibility.

One of the key aspects of Weis Markets' corporate governance framework is its focus on risk management. The company has implemented a robust risk management system that identifies, assesses, and manages risks across all areas of the business. This includes financial risks, operational risks, and reputational risks. Weis Markets' risk management system is regularly reviewed and updated to ensure that it remains effective in mitigating potential risks.

In addition to its focus on risk management, Weis Markets is also committed to environmental and social responsibility. The company has implemented a number of initiatives to reduce its environmental impact, such as energy-efficient lighting and refrigeration systems, and the use of sustainable packaging materials. Weis Markets also supports local communities through charitable donations and volunteer work, and has established a code of conduct for its suppliers to ensure that they meet ethical and environmental standards.

How Does Weis Markets Board Ensure Ethical Conduct and Compliance?

The Weis Markets board of directors is responsible for ensuring that the company operates in compliance with all applicable laws, regulations, and standards. To fulfill this responsibility, the board has established oversight mechanisms, such as the audit and compliance committee, which monitors the company's financial reporting, internal controls, and compliance with legal and regulatory requirements. The board also fosters a culture of ethical conduct and integrity by promoting awareness and education, encouraging whistleblowing, and upholding the company's code of conduct.

In addition to these mechanisms, the Weis Markets board also conducts regular reviews of the company's policies and procedures to ensure that they align with ethical and compliance standards. The board also engages with external experts and stakeholders to stay informed about emerging issues and best practices in the industry.

Furthermore, the board holds senior management accountable for ethical conduct and compliance by setting performance goals and evaluating their performance against these goals. The board also ensures that the company's compensation and incentive programs are aligned with ethical behavior and compliance with laws and regulations.

The Future Plans and Vision for Weis Markets from its Board of Directors

The Weis Markets board of directors is bullish about the company's future prospects and has laid out a strategic vision for growth and innovation. The board is focused on expanding the company's footprint, both organically and through acquisitions, optimizing its product mix, and improving its supply chain and distribution networks. The board is also committed to leveraging technology to enhance the customer experience and create operational efficiencies. Overall, the board is confident in its ability to sustain Weis Markets' success and generate value for its shareholders, employees, and communities.

One of the key areas of focus for Weis Markets' board of directors is sustainability. The board recognizes the importance of reducing the company's environmental impact and has set ambitious goals to achieve this. Weis Markets is committed to reducing its carbon footprint, minimizing waste, and sourcing products from sustainable and ethical suppliers. The board believes that by prioritizing sustainability, Weis Markets can not only contribute to a healthier planet but also attract and retain customers who value environmentally responsible businesses.