SUPERVALU is welcoming a little change in the corporate ranks. Wayne C. Sales has been named President and Chief Executive Officer of the company. He will be replacing Craig R. Herkert. Mr. Sales will continue to serve as Chairman of the Board. Mr. Sales has been a Director of SUPERVALU since 2006 and Non-Executive Chairman of the Board since 2010. Director Philip L. Francis has been elected Lead Director, according to a press release.
“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 Mr. 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.”