Supervalu Names Mark Gross Chief Executive
February 03 2016 - 09:50AM
Dow Jones News
Supervalu Inc. on Wednesday named Mark Gross its new chief
executive, effective Friday, adding an industry veteran with
merger-and-acquisition experience to its ranks as the grocer seeks
to spin off its deep-discount chain.
Mr. Gross, 52 years old, will succeed Sam Duncan, whose
retirement was previously announced.
Mr. Duncan, who has led the company for three years, will step
down from the 11-member board when he retires Feb. 29 and until
that time he will continue as a special adviser. Mr. Gross will be
appointed to the board March 1.
Mr. Gross joins the company with 20 years of grocery and
wholesale leadership experience, including serving as co-president
of C&S Wholesale Grocers's overall operations.
For the past decade, he has led Surry Investment Advisors, a
grocery industry-advisory firm he founded, where he has "assisted
grocery clients on several multibillion-dollar acquisitions and
divestitures and consulted with private-equity firms with respect
to investments in food retail, distribution and consumer packaged
goods sectors," Supervalu said.
In the most recent quarter, Supervalu posted weaker quarterly
sales and fewer customer transactions, a setback as the company
mulls a spinoff.
On Wednesday, Mr. Gross said he looks forward to working with
Eric Claus, who was named chief executive of the deep-discount firm
Save-A-Lot in December, as Supervalu continues to explore a spinoff
of the business.
Shares of Supervalu, which have fallen 36% over the past three
months, were inactive premarket.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
February 03, 2016 09:35 ET (14:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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