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Shares of SUPERVALUE INC. (NYSE: SVU) were trading lower by more than 5 percent after the company appointed a new CEO.
Supervalue named Mark Gross as its President and Chief Executive Officer, effective February 5. Gross worked at C&S Wholesale Grocers from 2005 to 2006 where he was Co-President of its overall operations. After leaving the company, he founded Surry Investment Advisors where he provided consulting services to grocery distributors and retailers with respect to strategic and operational matters.
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Gross assisted grocery clients on several multi-billion dollar acquisitions and divestitures. He also advised private equity firms who had interests in food retail, distribution and consumer packaged goods.
According to Biz Journals, Gross is characterized as an "M&A specialist."
Gross' appointment comes at a time when Supervalue is exploring and preparing a spin-off of its Save-A-Lot segment.
Supervalue also announced that Sam Duncan will step down from the company's Board of Directors effective with his retirement on February 29, 2016. Gross will be appointed to the Board as of March 1, 2016.
"I am thrilled to join SUPERVALU," said Mark Gross. "I am delighted to have the opportunity to help take the Company to the next level and to work with the Board and management team to set the strategic path for the future. I look forward to working with our great customers and the talented group of employees in this Company, including working with Eric Claus as SUPERVALU continues to explore and prepare for a potential spin-off of Save-A-Lot."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.