MINNEAPOLIS — 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.
Source: SUPERVALU INC.
