logo
Share SHARE
FONT-SIZE Plus   Neg

Supervalu: Sam Duncan Assumes Executive Role Effective Immediately - Quick Facts

Supervalu Inc. (SVU) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Live-streaming video platform Twitch said it will launch a new affiliate program for non-partnered streamers that will allow them to earn money as they broadcast on the platform. This will be similar to YouTube's Partner program and is part of Twitch's efforts to broaden its appeal. Chocolate company Hershey Co. said it will increase the visibility of nutrition information and portion options of its snacks as well as reduce the sweets' calorie count. The move is part of the company's ongoing efforts to offer a broad range of snacks and clear information in response to feedback from consumers, who are shifting to healthier foods. The Coca-Cola Company (KO) reported a profit for the first-quarter of 2017 that declined 20 percent from the prior year. Net revenues declined 11%, reflecting unfavorable impacts from structural changes of 10% and foreign currency of 1%. The company remains on track to deliver its underlying revenue and profit targets for the full year.
comments powered by Disqus
Follow RTT