Minneapolis — SUPERVALU has appointed Sam K. Duncan as president and CEO. He joins the company from OfficeMax, where he was chairman, CEO and president from 2005 until 2011.
Minneapolis — SUPERVALU has appointed Sam K. Duncan as president and chief executive officer, effective immediately. In this role he succeeds Wayne Sales, who has served as the company’s president and chief executive officer since July 2012.
In January, SUPERVALU announced an agreement with AB Acquisition LLC to sell five of its retail banners as well as enter into an agreement with Symphony Investors LLC to conduct a tender offer for up to 30% of SUPERVALU’s outstanding common stock at a purchase price of $4.00 per share in cash. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led entities. SUPERVALU had previously announced that Duncan would assume the role of president and chief executive officer upon closing of the transaction. At the closing of the transaction, which is expected to occur the week of March 18, 2013, Robert Miller, current president and CEO of Albertsons LLC, will become SUPERVALU’s non-executive chairman.
Duncan most recently served from 2005-2011 as chairman, CEO and president of OfficeMax, the third-largest office supplies retailer in North America with over $7 billion in revenues and more than 1,000 stores in the United States, Mexico, Puerto Rico & the U.S. Virgin Islands. Prior to joining OfficeMax, Duncan served from 2002-2005 as president and CEO of ShopKo Stores, a $3 billion Midwest retailer. Duncan has more than 40 years of experience in the retail industry, including nearly 30 years with Albertsons and Kroger.
SUPERVALU has approximately 4,350 stores composed of 1,068 traditional retail stores, including 778 in-store pharmacies; 1,329 Save-A-Lot stores, of which 946 are operated by licensee owners; and 1,950 independent stores serviced primarily by the company’s food distribution business. For more information, visit www.supervalu.com.
SOURCE: SUPERVALU