Minneapolis -- Supervalu on Monday announced that Sam K. Duncan will become president and CEO, effective immediately. He succeeds Wayne Sales, who has served as the company’s president and CEO since July 2012.
Last month, 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. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led entities. The retailer had previously announced that Duncan would assume the role of president and chief executive officer upon closing of the transaction.
“Following January’s announcement, I have visited stores, spoken with many of our independent retailers and Save-a-Lot licensees, and met many team members,” Duncan said. “These activities have reinforced my belief that Supervalu has a bright future; and I’m excited to start putting in place plans to improve our results and increase shareholder value.”
Duncan, 61, most recently served from 2005-2011 as chairman, CEO and president of OfficeMax.