Billionaire businessman John Catsimatidis has promoted his 30-year-old son to president and chief operating officer of the $7 billion Red Apple Group. Red Apple Group is a New York City chain that has a vast empire spanning media, real estate, fossil fuels, and Gristedes and D'Agostino grocery stores.
John Catsimatidis Jr., who previously served as chief investment officer at the Manhattan-based firm, was promoted after working in the family business for the past 12 years.
My son started working at Red Apple while he was an undergraduate at New York University's Stern School of Management.
“I’ve been in this business my whole life,” he said. “Every Sunday, my dad would take me and his sister to the grocery store and teach us about merchandising.”
His outspoken father remains CEO and chairman of the company where Mr. Catsimatidis launched the first Red Apple supermarket on the Upper West Side 56 years ago.
The promotion marks Red Apple's first public leadership announcement as a father grooms his son for a higher position.
“I thought it was time. This kid deserves it,” the Greek-American business mogul told the Post.
A staunch Republican who ran for New York mayor in 2013, he hosts the Sunday radio show “The Cats Roundtable” on WABC 770, an AM station he acquired in 2019. He also hosts “Cats & Cosby” on weekdays.
“I still work seven days a week, but I spend more time on my hobbies,” Ms. Catsimatidis said.
The 7,000-employee Red Apple Group owns a grocery chain, the United Refining Company of Western Pennsylvania, gas stations and an oil distribution network, and also has a residential real estate division.
My son's professional experience focused on turning around distressed businesses that his company had acquired.
“John has a huge network and energy,” his father said. “Let me go to him now.”
The elder Kasimaditis is handing over more responsibilities to his son as Red Apple looks to move into nuclear energy.
“The future of energy in this country is not about windmills and solar cells,” the cackling billionaire told the Post. “The next generation of energy will be small modular nuclear reactors to power submarines and aircraft carriers.”
Catsimatidis said Red Apple has “signed up” to 10 states that require nuclear reactors.
He added that a potential deal could cost between $10 billion and $20 billion, in which case the family would need to bring in investors.
He explained that his son prefers working with other family members rather than private equity and “hasn't sold a company since the 1980s and 1990s.”
Red Apple, which owns five rental properties in Brooklyn, is expanding its real estate footprint to the Sunshine State and is building a high-rise condominium in St. Petersburg that will be the “tallest building on the west coast of Florida.” My son was proud. .
Mr. Catsimatidis' daughter, Andrea Catsimatidis, left the family business in recent years to focus on politics.
She currently serves as the head of the Manhattan Republican Party.
“I hope my daughter returns to the company and pursues the opportunities she enjoys,” her father said.
