Supervalu Inc. (SVU: Quote) announced Monday that Sam Duncan will become president and chief executive officer, effective immediately. He succeeds Wayne Sales, who has served as the Company's president and chief executive officer since July 2012.
Last month, Supervalu announced an agreement with AB Acquisition LLC to sell five of its retail banners as well as enter into an agreement with Symphony Investors LLC to conduct a tender offer for up to 30 percent of Supervalu's outstanding common stock at a purchase price of $4.00 per share in cash. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led entities.
Previously, Supervalu had announced that Duncan would assume the role of president and chief executive officer upon closing of the transaction.
Supervalu said that Wayne Sales oversaw its review of strategic alternatives, and as executive chairman, will continue to have oversight over the completion of the transaction. At the closing of the transaction, Robert Miller, current president and CEO of Albertsons LLC, will become Supervalu's non-executive chairman.
Duncan, 61, most recently served from 2005-2011 as chairman, CEO and president of OfficeMax. Prior to joining OfficeMax, Duncan served as president and CEO of ShopKo Stores from 2002-2005. He has over 40 years of experience in the retail industry, including nearly 30 years with Albertsons and Kroger in positions of increasing responsibility.
The company also reaffirmed that the closing of the previously announced sale and tender offer process is expected to occur the week of March 18th.
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by RTT Staff Writer
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