Wegmans Food Markets announced Wednesday that Colleen Wegman, 45, has been named president and CEO of the 92-store chain.

Wegman's father, Danny Wegman, will remain chairman of the company, according to a news release.

"The time has come to create a structure for the future that will allow us to remain strong, vibrant and family-owned," Danny Wegman said in the release. "I have no doubt that our company is in good hands."

Wegmans, a privately held company, had annual sales of $8.3 billino last year, according to the company's website, and employs nearly 47,000 people nationwide.