(Iselin, NJ) – John Derderian, President & Chief Operating Officer for the last eight years at Allegiance Retail Services, has decided to reduce his responsibilities and transition to a part-time role of Principal Advisor for Retail Development and Strategic Business Initiatives for the cooperative, beginning October 1, 2023. Chairman and CEO, Lou Scaduto and the Board of Directors unanimously accepted this reduction in responsibilities, and further have appointed Joe Fantozzi as interim President. Mr. Fantozzi is currently Vice President and CFO.
In announcing this change, Lou Scaduto stated, “We thank John for his years of service and profound accomplishments to successfully position Allegiance to continue to grow both membership and market share into the future.” Mr. Scaduto further stated, “The Board and I are very comfortable with naming Joe Fantozzi as interim President. His six years with Allegiance have been marked by improvements in all aspects of the business units he is currently responsible for, and his advocacy on behalf of the Membership and understanding of the business is first rate.”
Mr. Scaduto will empanel a sub-committee of the Board of Directors to conduct a search for a permanent replacement, which is expected to be completed by the end of this year.