SUPERVALU INC. (NYSE: SVU) today announced the appointment of
Mark Gross as the Company’s President and Chief Executive Officer,
effective February 5, 2016. Gross, age 52, will succeed Sam Duncan
who has previously announced he will be retiring.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160203005554/en/
SUPERVALU Appoints Mark Gross President
and Chief Executive Officer (Photo: Business Wire)
“Mark is a talented, strategic and results-driven leader with a
wealth of industry experience,” said Jerry Storch, SUPERVALU’s
Non-Executive Chairman of the Company’s Board of Directors. “We are
extremely pleased that Mark will be leading SUPERVALU and we look
forward to working with him to drive the Company’s
performance.”
“I am thrilled to join SUPERVALU,” said Mark Gross. “I am
delighted to have the opportunity to help take the Company to the
next level and to work with the Board and management team to set
the strategic path for the future. I look forward to working with
our great customers and the talented group of employees in this
Company, including working with Eric Claus as SUPERVALU continues
to explore and prepare for a potential spin-off of Save-A-Lot.”
SUPERVALU also announced that Sam Duncan will be stepping down
from the Company’s 11-person Board of Directors effective with his
retirement on February 29, 2016, and that until that time, he will
continue with the Company as a special advisor to the Company’s
Board of Directors to facilitate a smooth transition. Gross will be
appointed to the Board effective March 1, 2016. Additionally, the
Company said that Bruce Besanko, Chief Operating Officer, will
report to Gross and continue to oversee the day-to-day operations
of the Company’s Independent Business and Retail Food segments as
well as the Company’s finance organization.
“On behalf of the entire Board of Directors, I want to thank Sam
for the tremendous job he has done these past three years,” Storch
said. “He has built a terrific leadership team and together they
have established a strong foundation and positioned the Company for
future success. We wish Sam all the best in his retirement.”
“I am proud of all that we have accomplished these past three
years and thankful for the opportunity I’ve had to lead this great
Company,” said Sam Duncan. “SUPERVALU has tremendous employees,
customers and licensees and I leave here knowing the Company is in
good hands with a strong leadership team and a great foundation in
place to build on.”
About Mark Gross
Mark Gross joins SUPERVALU with 20 years of grocery and
wholesale leadership experience. From 1997 to 2006, Gross worked at
C&S Wholesale Grocers, including serving as Co-President of
C&S’s overall operations from 2005-2006. Additionally, during
his tenure with C&S, Gross served as Chief Financial Officer,
General Counsel, and President of its affiliated retail grocery
operations.
For the past decade, Gross has led Surry Investment Advisors, a
firm he founded, to provide consulting services to grocery
distributors and retailers with respect to strategic and
operational matters. In this advisory role, he has assisted grocery
clients on several multi-billion dollar acquisitions and
divestitures and consulted with private equity firms with respect
to investments in food retail, distribution and consumer packaged
goods sectors.
Gross earned his law degree from the University of Pennsylvania,
graduating Cum Laude, and holds a BA from Dartmouth College, where
he graduated with the highest honors in his major.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and
retailers in the U.S. with annual sales of approximately $18
billion. SUPERVALU serves customers across the United States
through a network of 3,407 stores composed of 1,871 independent
stores serviced primarily by the Company’s food distribution
business; 1,336 Save-A-Lot stores, of which 883 are operated by
licensee owners; and 200 traditional retail grocery stores (store
counts as of December 5, 2015). Headquartered in Minnesota,
SUPERVALU has approximately 40,000 employees. For more information
about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995.
Except for the historical and factual information contained
herein, the matters set forth in this news release, particularly
those pertaining to SUPERVALU’s expectations, guidance, or future
operating results, and other statements identified by words such as
"estimates," “anticipates,” "expects," "projects," "plans,"
“intends” and similar expressions are forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including uncertainties as to
the transition of the role of the Company’s President and Chief
Executive Officer from Mr. Duncan to Mr. Gross, the terms, timing
or structure of any Save-A-Lot separation transaction and whether
one will be consummated at all, and the impact of the leadership
transition or any separation transaction on the businesses of
SUPERVALU and the Save-A-Lot. Other factors include competition,
ability to execute initiatives, substantial indebtedness, labor
relations issues, escalating costs of providing employee benefits,
relationships with Albertson’s LLC, New Albertson’s, Inc. and
Haggen, intrusions to and disruption of information technology
systems, impact of economic conditions, governmental regulation,
food and drug safety issues, legal proceedings, severe weather,
natural disasters and adverse climate changes, disruption to supply
chain and distribution network, changes in military business,
adequacy of insurance, volatility in fuel and energy costs, asset
impairment charges, fluctuations in our common stock price and
other risk factors relating to our business or industry as detailed
from time to time in SUPERVALU's reports filed with the SEC. You
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, SUPERVALU undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160203005554/en/
SUPERVALU INC.For
Investors:Steve Bloomquist,
952-828-4144Steve.j.bloomquist@supervalu.comorFor MediaJeff Swanson,
952-903-1645Jeffrey.swanson@supervalu.com
Supervalu (NYSE:SVU)
Historical Stock Chart
From Feb 2024 to Mar 2024
Supervalu (NYSE:SVU)
Historical Stock Chart
From Mar 2023 to Mar 2024