Market Overview

Wayne C. Sales to Become SUPERVALU President and Chief Executive Officer, Replacing Craig Herkert

SUPERVALU (NYSE: SVU) announced today that Wayne C. Sales has been named president and chief executive officer, replacing Craig R. Herkert. Sales will continue to serve as chairman of the Board. Director Philip L. Francis has been elected lead director.

“In my new role, I will work closely with our leadership team to improve our sales and earnings trajectory and generate long-term shareholder value, focusing relentlessly on identifying factors that will drive meaningful improvements in our strategy execution and overall performance,” said Sales. “We will take significant cost out of the business, and move with urgency in our retail food business to lower prices and create points of sustainable differentiation for our customers. We will work closely and collaboratively with independent retailers to ensure that they continue to receive the superior service they need to increase sales and profitability. We will strengthen our engagement with our Save-A-Lot licensees – leveraging their expertise, enhancing our collective performance, and ensuring our ability to grow a nationwide network of hard discount stores. As we execute our business plan, the Board will continue its review of strategic alternatives, and I am still leading that process.”

Posted-In: News Management

 

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