MINNEAPOLIS--(BUSINESS WIRE)--Feb. 3, 2016--
SUPERVALU INC. (NYSE: SVU) today announced the appointment of Mark Gross
as the Company’s President and Chief Executive Officer, effective
February 5, 2016. Gross, age 52, will succeed Sam Duncan who has
previously announced he will be retiring.
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SUPERVALU Appoints Mark Gross President and Chief Executive Officer (Photo: Business Wire)
“Mark is a talented, strategic and results-driven leader with a wealth
of industry experience,” said Jerry Storch, SUPERVALU’s Non-Executive
Chairman of the Company’s Board of Directors. “We are extremely pleased
that Mark will be leading SUPERVALU and we look forward to working with
him to drive the Company’s performance.”
“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.”
SUPERVALU also announced that Sam Duncan will be stepping down from the
Company’s 11-person Board of Directors effective with his retirement on
February 29, 2016, and that until that time, he will continue with the
Company as a special advisor to the Company’s Board of Directors to
facilitate a smooth transition. Gross will be appointed to the Board
effective March 1, 2016. Additionally, the Company said that Bruce
Besanko, Chief Operating Officer, will report to Gross and continue to
oversee the day-to-day operations of the Company’s Independent Business
and Retail Food segments as well as the Company’s finance organization.
“On behalf of the entire Board of Directors, I want to thank Sam for the
tremendous job he has done these past three years,” Storch said. “He has
built a terrific leadership team and together they have established a
strong foundation and positioned the Company for future success. We wish
Sam all the best in his retirement.”
“I am proud of all that we have accomplished these past three years and
thankful for the opportunity I’ve had to lead this great Company,” said
Sam Duncan. “SUPERVALU has tremendous employees, customers and licensees
and I leave here knowing the Company is in good hands with a strong
leadership team and a great foundation in place to build on.”
About Mark Gross
Mark Gross joins SUPERVALU with 20 years of grocery and wholesale
leadership experience. From 1997 to 2006, Gross worked at C&S Wholesale
Grocers, including serving as Co-President of C&S’s overall operations
from 2005-2006. Additionally, during his tenure with C&S, Gross served
as Chief Financial Officer, General Counsel, and President of its
affiliated retail grocery operations.
For the past decade, Gross has led Surry Investment Advisors, a firm he
founded, to provide consulting services to grocery distributors and
retailers with respect to strategic and operational matters. In this
advisory role, he has assisted grocery clients on several multi-billion
dollar acquisitions and divestitures and consulted with private equity
firms with respect to investments in food retail, distribution and
consumer packaged goods sectors.
Gross earned his law degree from the University of Pennsylvania,
graduating Cum Laude, and holds a BA from Dartmouth College, where he
graduated with the highest honors in his major.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and retailers
in the U.S. with annual sales of approximately $18 billion. SUPERVALU
serves customers across the United States through a network of 3,407
stores composed of 1,871 independent stores serviced primarily by the
Company’s food distribution business; 1,336 Save-A-Lot stores, of which
883 are operated by licensee owners; and 200 traditional retail grocery
stores (store counts as of December 5, 2015). Headquartered in
Minnesota, SUPERVALU has approximately 40,000 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,"
“anticipates,” "expects," "projects," "plans," “intends” 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 uncertainties as to the transition of the role of the
Company’s President and Chief Executive Officer from Mr. Duncan to Mr.
Gross, the terms, timing or structure of any Save-A-Lot separation
transaction and whether one will be consummated at all, and the impact
of the leadership transition or any separation transaction on the
businesses of SUPERVALU and the Save-A-Lot. Other factors include
competition, ability to execute initiatives, substantial indebtedness,
labor relations issues, escalating costs of providing employee benefits,
relationships with Albertson’s LLC, New Albertson’s, Inc. and Haggen,
intrusions to and disruption of information technology systems, impact
of economic conditions, governmental regulation, food and drug safety
issues, legal proceedings, severe weather, natural disasters and adverse
climate changes, disruption to supply chain and distribution network,
changes in military business, adequacy of insurance, volatility in fuel
and energy costs, asset impairment charges, fluctuations in our common
stock price 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160203005554/en/
Source: SUPERVALU INC.
Jeff Swanson, 952-903-1645