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Aided by proceeds from its initial public offering earlier this month, Hook-SupeRx Inc. is severing an agreement with a Kroger Co. subsidiary that supplied it with a third of its store merchandise last year. In its place, the Greater Cincinnati-based drug-store chain is undertaking a $26 million expansion of its Indianapolis distribution center.
In a further move away from its former parent, Hook-SupeRx is replacing two Kroger appointees on its seven-member board of directors. W. Rodney McMullen, Kroger's vice president for planning and capital management, and Frank J. Remar, senior vice president and secretary/treasurer of Kroger's Dillon Cos. subsidiary, have resigned as Hook-SupeRx directors and will be replaced by as-yet-unnamed unaffiliated outside directors.
While stressing that Hook-SupeRx is appreciative of Kroger's...