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Thanks to the Griffin Report
Early Monday morning July 30, SUPERVALU announced that Wayne Sales has been named president and chief executive officer, replacing Craig Herkert. Mr. Sales will continue to serve as chairman of the board of directors. In addition, Phil Francis, former Shaw’s president, has been elected lead director.
SUPERVALU announced that Mr. Herkert is leaving to pursue other opportunities. The announcement comes two weeks after SUPERVALU announced the company is reviewing strategic alternatives including a possible sale of the company.
Mr. Sales is the retired vice chairman of Canadian Tire Corporation Limited - Canada’s major general merchandise retailer and the country’s largest independent gasoline retailer, which he led as president and chief executive officer from 2000 to 2006. Prior to joining Canadian Tire, he held several senior leadership positions with Kmart Corp. in the areas of marketing, merchandising and store operations.
Mr. Sales said, "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. 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."
A SUPERVALU director since 2006, Mr. Francis is the retired executive chairman of PetSmart, Inc., a specialty retailer of services and solutions for pets. Prior to joining PetSmart, Francis was the president and chief executive officer of Shaw’s Supermarkets. |