Ritchie L. Casteel, President of the Supervalu-owned grocery chain Save-A-Lot, will be departing from the company, effective March 11, 2016. No reason was given for this decision.
The announcement was made in a filing with the Securities and Exchange Commission on Monday, February 29. Supervalu said that it does not intend to hire a replacement.
Casteel, a 40-year retail veteran, will be eligible for severance benefits in accordance with Supervalu’s Executive & Officer Severance Pay Plan, according to the filing. Supervalu’s proxy statement indicates that Casteel could be eligible for up to $1.29 million for termination without cause.
Casteel is no stranger to the food retail industry. He got his start working as a courtesy clerk for Albertsons’ Southern California Division. Over the next 33 years, he was later promoted to higher-up positions in areas of merchandising and operations, including Vice President of Operations for Albertsons’ Intermountain West Division.
Prior to joining Save-A-Lot, Casteel was also employed at Associated Retail Stores, ShopKo, and Grocery Outlet.
Supervalu is currently considering possibly spinning off its Save-A-Lot chain as a publicly-traded company. No further information has been revealed, however.
As of September 12, 2015, Save-A-Lot’s store and distribution network encompasses over 1,300 corporate and licensed stores in 38 states, the Caribbean and Central America, and 17 wholesale distribution centers.