SUPERVALU CEO Sam Duncan Announces Plan to Retire February 2016
October 01 2015 - 4:10PM
Business Wire
- Bruce Besanko Promoted to Chief
Operating Officer
- Susan Grafton Promoted to Chief
Financial Officer
SUPERVALU INC. (NYSE: SVU) today announced that Sam Duncan has
informed the Company’s Board of Directors of his intention to
retire as President and CEO on February 29, 2016, following the end
of the Company’s fiscal year.
Duncan was named President and CEO in February 2013 in
connection with the sale by SUPERVALU of five retail grocery
banners to Albertson’s. Under Duncan’s leadership and direction,
SUPERVALU has repositioned its three core business segments:
Independent Business, Save-A-Lot and its five remaining regional
Retail Food banners, as well as helped deliver increases in
shareholder value. Duncan, 63, is retiring to spend more time with
his family in the Pacific Northwest.
“SUPERVALU is a terrific organization and we have accomplished a
great deal together during the past two and one-half years,” said
Duncan. “I have thoroughly enjoyed working with our employees and
thank them for all of their hard work and dedication. I am also
looking forward to finishing the year strong and continuing to
drive sales and cash through my remaining time at the Company, as
well as providing time and support to ensure a smooth transition
for my successor. After 46 years in the grocery and retail
business, this is a bittersweet moment, but I am also excited by
the opportunity to have more time for my family and personal
interests following my retirement.”
“Sam has made a tremendous contribution to SUPERVALU during his
tenure as President and CEO,” said Jerry Storch, Non-Executive
Chairman of the Board. “He helped stabilize the business following
the sale of the five retail grocery banners and has led a
turn-around in the performance of the entire Company including
improving the performance of all three of its core business
segments. The Company is in a better place today because of Sam’s
leadership. The Board is very grateful and appreciative for Sam’s
contributions to the Company. The Board process for naming the next
CEO is underway, including consideration of internal and external
candidates.”
SUPERVALU also today announced that Bruce Besanko has been
promoted to the newly-created role of Executive Vice President,
Chief Operating Officer, reporting to Sam Duncan, and that Susan
Grafton has been promoted to Executive Vice President, Chief
Financial Officer, reporting to Bruce Besanko. Both appointments
are effective immediately. In his role as Chief Operating Officer,
Besanko will retain oversight of the finance function, and assume
oversight of the Company’s independent business operations, five
regional Retail Food banners, and the Company’s merchandising,
marketing, and pharmacy functions.
“I’m very pleased that Bruce has been promoted to the role of
COO for our Company,” said Duncan. “He has done a superb job as CFO
for SUPERVALU, working with me and the leadership team on all
aspects of the Company’s turnaround success. He is an astute
businessman who has always impressed me with his leadership and how
he deals with business challenges and opportunities. In this role,
I am confident he’ll help lead our operations teams to successfully
plan and execute against our future business strategies.”
Duncan continued, “Additionally, we are very fortunate to have
Susan in our ranks as someone who can step right into the CFO role.
She has a tremendous financial background and has been instrumental
in helping us reposition our financial organization and the overall
business over the past one and one-half years.”
Today’s announcement does not impact the Company’s continued
exploration of a separation of its Save-A-Lot business.
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 3,597 stores composed of 1,857 primary stores
serviced by the Company’s food distribution business; 1,335
Save-A-Lot stores, of which 902 are operated by licensee owners;
and 197 traditional retail grocery stores (store counts as of June
20, 2015). Headquartered in Minnesota, SUPERVALU has approximately
40,000 employees. For more information about SUPERVALU visit
www.supervalu.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151001006714/en/
SUPERVALU INC.INVESTOR CONTACT:Steve Bloomquist,
952-828-4144steve.j.bloomquist@supervalu.comorMEDIA
CONTACT:Jeff Swanson,
952-903-1645jeffrey.s.swanson@supervalu.com
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