Solomon had both roles since 2008, after serving as chief operating officer. He joined Ready Pac in 2006.
Theodore, who recently joined the company as chief operating officer, will add the president and chief executive officer titles. He began his career in the retail supermarket business in the early 1980s with Wegmans.
Later he had executive and board positions with consumer packaged goods companies. Theodore has experience in private label and national brand distribution at retail.
The transition will take place by the end of May, said Tristan Simpson, director of marketing and corporate communications.
“I have decided that now since I have a strong senior executive on board to focus on the operations and financial aspects of the business, and one who complements an already strong management team,” Solomon said in a news release, "the time is right for me to retire from Ready Pac. I look forward to spending more time with my wife and two and a half year old son.”
He led Ready Pac through several years of record results, according to the release.
Solomon has been president of M. Solomon & Associates since 1985. His past positions included stints as president of Max Factor Cosmetics and Mann Theaters.
“This company has great employees, innovative products, and collaborative distribution partners and is well positioned for exciting growth,” Theodore said in the release.