Ingles Markets Incorporated (NASDAQ: IMKTA) issued an open letter to shareholders opposing the election of Rory Held as a board director, citing his extensive ties to the Sackler family and their financial entities.

The grocery chain stated that Held serves as a trustee for multiple Sackler family trusts, including Crystal Trust and Data Trust, both formed in Wyoming with Richard Sackler and his heirs as beneficiaries. According to bankruptcy court filings, Held also holds director or officer positions in several Raymond Sackler family entities connected to Purdue Pharma's ownership chain.

Held has worked at Summer Road since April 2013, currently serving as executive vice president and chief investment officer. Ingles stated that Summer Road is 100% owned by Richard Sackler, the former co-chairman of Purdue Pharma's board of directors, and his family estates.

The company cited Bloomberg reporting from 2020 that analyzed how the Sackler family moved $10.8 billion through various entities between 2008 and 2017, before Purdue Pharma filed for Chapter 11 bankruptcy. According to the report, Summer Road received $60 million from the sale of Cap 1 LLC's stake in Peak Resorts in 2019.

Ingles argued that Held's trustee roles create conflicting fiduciary duties that would compromise his independence as a director. The company also disputed Summer Road's claims about Ingles' real estate holdings, stating it owns approximately one-third of the 1,800 undeveloped acres that Summer Road has claimed.

The company operates 197 supermarkets across six southeastern states. Ingles urged shareholders to vote for its director candidates Rebekah Lowe and Dwight Jacobs using the white proxy card in the contested election.