ASHEVILLE, N.C. — Ingles Markets Inc. vice president of finance and chief financial officer Ronald Freeman is retiring from the grocery store operator, effective February 16. As a result, Freeman will not be standing for reelection to the company’s board of directors.

Freeman has been employed by Ingles for 17 years as its CFO and a member of its board of directors.

“We regret that Ron Freeman is retiring from the company,” board chairman Robert P. Ingle II said in a statement. “He is a person of the highest caliber and utmost integrity who has been a loyal and dedicated member of our team. We have benefited greatly from his counsel and we are grateful for the company’s strong financial position that has been created under his stewardship. We wish him the best of luck in his retirement.”

Ingles Markets, which operates 198 supermarkets in six southeastern states, also said Monday that its board has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable on January 13 to all shareholders of record on January 6.