By Robb M. Stewart
Aegis Brands President and Chief Executive Steven Pelton will relinquish the company's reins before his successor is picked, leaving an executive committee to lead day-to-day operations.
The owner of the St. Louis Bar & Grill brand and holder of the master franchise for the Sweet Jesus ice cream brand in Canada said Pelton stepped down to pursue another professional opportunity.
Aegis in late May said Pelton would be stepping down after seven years leading the company but that he would remain at Aegis after his successor is appointed to ensure a seamless leadership transition.
Chair Anthony Longo said the board was confident the leadership team of Chief Financial Officer Melinda Lee, Chief Operating Officer Chris and Vice President of People Tara Ramsay can run operations while it searches for a new CEO.
Pelton led the company through a period of transformation and financial recovery as Aegis dealt with the challenges of the Covid-19 pandemic. Aegis previously said Pelton and his family would remain significant shareholders and continue to strongly support the company's future direction.
Write to Robb M. Stewart at robb.stewart@wsj.com