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Supervalu names two new board members

Minneapolis -- Frank A. (Terry) Savage and Mathew M. Pendo have been elected to the Supervalu board of directors, effective April 24. Savage and Pendo were both appointed to the board as designees of Symphony Investors LLC, under the terms of a tender offer agreement entered into with Symphony Investors and Cerberus Capital Management in connection with Supervalu’s sale of five banners to an affiliate of Symphony Investors.

Savage is currently a senior advisor to Lazard Ltd. and the former vice chairman of U.S. investment banking at Lazard. Pendo is currently a managing director at Sandler O’Neill Partners, a boutique investment banking firm focused on the financial services industry. The board now has 11 members, nine of whom are independent directors, including Savage and Pendo.

“Terry and Mathew each bring tremendous business and financial experience to the Supervalu board and we are excited to have them join,” said Gerald Storch, non-executive chairman of Supervalu.

 

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