MINNEAPOLIS--(BUSINESS WIRE)--Apr. 26, 2013--
SUPERVALU (NYSE: SVU) today announced the election of two new members to
its Board of Directors: John Standley, chairman, president and CEO of
Rite Aid Corporation and Mark A. Neporent, chief operating officer and
general counsel, Cerberus Capital Management, L.P. (“Cerberus”), as
“I am very pleased that John and Mark have accepted positions on our
Board,” said Bob Miller, SUPERVALU’s non-executive chairman. “It is
important that we have a strong Board of Directors with a mix of
industry, financial and professional experience to draw upon. John and
Mark provide tremendous knowledge and a strong understanding of the
guidance and direction this Board should offer SUPERVALU during its
Mr. Standley has spent the past 20 years in executive leadership roles
in the grocery and pharmacy retail business. He became Rite Aid
Corporation’s president and chief operating officer in September 2008,
was appointed to the Rite Aid Board of Directors in 2009 and was named
CEO in June 2010. He was elected chairman of Rite Aid’s Board of
Directors in June 2012. Mr. Standley had previously served as Rite Aid’s
chief financial officer, chief administrative officer and senior
executive vice president from 1999 to 2005. Rite Aid Corporation (NYSE:
RAD) is one of the nation’s leading drugstore chains with more than
4,600 stores in 31 states and the District of Columbia and fiscal 2013
annual revenues of $25.4 billion. In addition to his tenure at Rite Aid,
Mr. Standley served as CEO and a member of the Board of Directors of
Pathmark Stores, a northeast regional supermarket chain from 2005-2007.
He also worked with The Yucaipa Companies from 1994 to 1999 in a variety
of senior leadership positions at several grocery companies that were
consolidated into Fred Meyer Inc. Mr. Standley is currently vice
chairman of the National Association of Chain Drug Stores (NACDS) and is
a graduate of Pepperdine University.
Mr. Neporent is a designee of Symphony Investors, a Cerberus affiliate.
He has served as COO and general counsel of Cerberus since 1998.
Cerberus, one of the world's leading private investment firms, has more
than $20 billion under management invested in four primary strategies:
distressed securities & assets; control and non-control private equity;
commercial mid-market lending and real estate-related investments. Mr.
Neporent is responsible for the day-to-day management of Cerberus and
serves on many of the Firm’s committees, including the Investment
Committee, Valuation Committee and Risk/Compliance Committee, among
others. Prior to joining Cerberus, Mr. Neporent was a partner in the
Business Reorganization and Finance Group at Schulte Roth & Zabel LLP,
where he practiced from 1986 until he joined Cerberus. He also practiced
from 1982 to 1986 at the firm of Otterbourg Steindler Houston & Rosen,
P.C. Mr. Neporent is a graduate of Lehigh University and Syracuse
University College of Law, where he was the lead articles editor for the
Syracuse Law Review.
The nine-person board resulting from today’s appointments will have five
members who are independent directors under the New York Stock Exchange
listing standards. The board will continue the search process for one
additional independent director. Upon the selection and appointment of
this director, Mr. Sam Duncan, SUPERVALU’s president and chief executive
officer will be added, increasing the final size of the Board to 11
About SUPERVALU INC.
SUPERVALU Inc. is one of the largest
grocery wholesalers and retailers in the U.S. with annual sales of
approximately $17 billion. SUPERVALU serves customers across the United
States through a network of approximately 3,420 stores composed of 1,900
independent stores serviced primarily by the Company’s food distribution
business, 1,331 Save-A-Lot stores, of which 950 are operated by licensee
owners; and 191 traditional retail grocery stores. Headquartered in
Minnesota, SUPERVALU has approximately 35,000 employees. For more
information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995.
Except for the historical and factual information contained herein,
the matters set forth in this news release, particularly those
pertaining to SUPERVALU’s expectations, guidance, or future operating
results, and other statements identified by words such as "estimates,"
"expects," "projects," "plans," and similar expressions are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including
competition, ability to execute initiatives, substantial indebtedness,
impact of economic conditions, labor relations issues, escalating costs
of providing employee benefits, regulatory matters, food and drug safety
issues, self-insurance, legal and administrative proceedings,
information technology, severe weather, natural disasters and adverse
climate changes, the continuing review of goodwill and other intangible
assets, accounting matters, the effect of the sale of the New Albertsons
banners and other risk factors relating to our business or industry as
detailed from time to time in SUPERVALU's reports filed with the SEC.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release. Unless
legally required, SUPERVALU undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: SUPERVALU INC.
Jeff Swanson, 952-903-1645