SALISBURY POST

Food Lion stockholders are more confident about their new chief executive officer than they are about the company’s plans to invest $10 million in a chain of 10 supermarkets in Thailand.

Following the meeting, Food Lion stockholders expressed mixed emotions on several decisions proposed by new executives guiding one of America’s largest supermarket chains. After Thursday’s annual stockholders meeting, some shareholders wandered around the lobby of Catawba College’s Keppel Auditorium, chatted with other stockholders and ate brunch foods. Most were dressed as they would for church, while others wore golf shirts, sneakers and ball caps. Though the crowd was diverse, the reactions to the what they heard during the meeting was essentially the same.

‘‘I think everyone is optimistic about stock prices improving,’’ said Richard Lowder, of Albemarle. Lowder, who has owned Food Lion stock for about 15 years, says he has been pleased with his stock’s past performance and will continue to be patient.

‘‘It’s going to take a period of time because of the bad image that has been projected with the Food Lion and ABC scandal. That was a big part of the problem,’’ Lowder said. ‘‘The company itself is well run.’’

Lowder supports the acquisition of the West Central Florida-based Kash n’ Karry supermarkets, the proposed initiative in Thailand and the company’s new CEO – William McCanless.

‘‘I think we need to look at the world as a whole. If we’re going to continue to progress, we need to look at international business. So I’m in favor of the deal made with the Thailand company,’’ he said.

‘‘I don’t know much about McCanless, but I was certainly impressed with him today.’’

Executives told shareholders for the 31st consecutive year, Food Lion achieved record sales and posted record earnings of $272.6 million, with increased earnings of 22 percent in 1998. Food Lion profited from sales of $10.2 billion. As of Jan. 1, the supermarket giant operated 1,207 supermarkets, with 90,000 employees and eight distribution centers in 11 Southeastern and mid-Atlantic states.

‘‘You wonder with such good records and earnings, why the stock hasn’t gone up,’’ said Wayne Tate of Salisbury. ‘‘I don’t think it will change anytime soon, but I hope it will soon increase.’’

Tate and his wife, Christine, have been stockholders for 20 years. The couple said they were anxious to hear what executives had to say, and both liked McCanless and feel confident he will be a good leader. But the Tates say they are opposed to the Bel-Thai acquisition.

Delhaize, a Belgian company that already owns the Thailand stores, owns the largest single block of Food Lion stock. The Bel-Thai supermarket plans to expand around Bangkok and with the proposed Food Lion investment, would be renamed Food Lion.

‘‘The purchase of the chain doesn’t have a direct effect on us as stockholders,’’ Christine Tate said. ‘‘But I think it’s stupid. Thailand seems like a poor country to go into.’’

Wayne Tate agreed, saying, ‘‘Thailand can devalue its dollar at any given time. That would hurt Food Lion.’’

Jim Stone drove from Randolph County for the meeting. Stone, a retired sales representative whose company sold merchandise to Food Lion, has owned stock in the company for 26 years.

‘‘The stock hasn’t done as well as other companies, but I feel good about the company’s future,’’ Stone said. ‘‘I want to research the Thailand deal more, but I think the company will have to expand. I think they’ll have to expand somewhere at sometime and that time is now. Eventually, the U.S. will have too many supermarkets anyway.’’

Ralph Ketner, Food Lion co-founder and former member of its board of directors, also stood in the hallway and greeted shareholders. Ketner smiled and shook a lot of hands, including the hands of the executives and board members.

‘‘I’m still waiting on a response to my letter,’’ Ketner said as he continued to shake hands with a huge smile. ‘‘The questions still perk.’’

Earlier, during the question-and-answer session of the meeting, Ketner, asked Food Lion executives why they haven’t ‘‘specifically’’ answered his questions and should he expect a written or verbal response.

Ketner sent a four-page letter to McCanless earlier this week saying his analysis of company reports show former CEO Tom Smith will receive $4.2 million in benefits, rather than the $2.4 million the company previously announced.

‘‘I’m still waiting for a response to that letter,’’ Ketner said in good humor after the meeting. ‘‘They haven’t answered any of them, in my opinion. Stockholders want to know. I still want to know.’’

Other stockholders wanted to know how they can be active in making decisions like voting on board of directors members. Others expressed concern about employee turnover and the company’s strategy, which some say has been the same for years.

Pierre-Oliver Beckers, new chairman of the board and CEO of Delhaize, said shareholders have been patient and he is confident in Food Lion’s strategy. The new chairman offers this to stockholders:

‘‘I feel very optimistic about the future of the company and its shares. Food Lion has a great team working toward a prosperous future, and we all have full confidence in them. Sales and profits have skyrocketed and the value of stock will increase as it once has. When all the acquisitions are in place, there is no reason why we all shouldn’t be optimistic.’’ EST