Ingles Markets Issues Open Letter to Shareholders

Warns Shareholders of Sackler Family Ties of Board Nominee Rory Held

Apr. 20, 2026 at 10:56am

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An extreme close-up of a shattered car sensor lens reflecting a faint red light, conceptually illustrating the vandalism of self-driving cars.As tensions over autonomous vehicles escalate, a recent wave of targeted street vandalism exposes pent-up frustration with driverless technology.Asheville Today

Ingles Markets issued an open letter to shareholders warning them about the Sackler family ties of board nominee Rory Held, who is being put forward by activist investor Summer Road. The letter details Held's long history of managing Sackler family trusts and entities, arguing his loyalties would be divided if elected to the Ingles board.

Why it matters

The Sackler family's role in the opioid crisis has made them a pariah, and Ingles is concerned that having a Sackler-aligned director on its board could damage the company's reputation and credibility with shareholders and the public.

The details

Ingles' letter lays out how Rory Held has served as a trustee for multiple Sackler family trusts and entities over the years, including the RRS I-way entities, the RRS Family I trust, the Crystal Trust, and the Data Trust. These trusts were used by the Sacklers to shield assets derived from Purdue Pharma's profits during the opioid crisis. Ingles argues that as a trustee, Held owes fiduciary duties to the Sacklers that would conflict with his duties to Ingles shareholders if elected to the board.

  • In April 2013, Rory Held joined Summer Road, the family office of Richard Sackler.
  • In November 2019, an attorney for Richard Sackler's son David Sackler filed a presentation stating that Richard Sackler and the Estates of Beverly Sackler and Jonathan Sackler hold a 100% interest in Summer Road.
  • In April 2013, Rory Held joined Summer Road as a Senior Vice President and Portfolio Manager.
  • In December 2023, Rory Held gained the additional title of Chief Investment Officer at Summer Road.

The players

Ingles Markets, Incorporated

A leading grocer with operations in six southeastern states, headquartered in Asheville, North Carolina.

Rory Held

An executive at Summer Road, the family office of the Sackler family, who has served as a trustee for multiple Sackler family trusts and entities.

Summer Road

The Florida family office of Richard Sackler, son of Raymond Sackler, one of the three brothers who acquired Purdue Pharma in 1952 and served as co-chairman of the company's board.

Richard Sackler

The son of Raymond Sackler and the owner of Summer Road, the family office where Rory Held works.

Raymond Sackler

One of the three brothers who acquired Purdue Pharma in 1952 and served as co-chairman of the company's board.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.