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.
Restoration Hardware names former Limited Brands exec to board
Corte Madera, Calif. — Restoration Hardware Holdings Inc. has named Dr. Leonard Schlesinger to its board of directors. He will also serve as the chairman of the board’s compensation committee.
Schlesinger has held executive leadership positions at various retail and consumer brands, including vice chairman and COO of Limited Brands from 1999 to 2007, and has served for more than 20 years as a professor of business administration at Harvard Business School, and previously served as the president of Babson College.
“We are thrilled to have Len join the board,” said Gary Friedman, chairman and CEO. “He is a true thought leader and we will benefit greatly from his wisdom and experience as we continue our pursuit of becoming one of the most innovative and admired brands in the world.”
Lane Bryant opens new store in Michigan
Columbus, Ohio – Lane Bryant opens a new store at Genesee Valley Center in Flint, Michigan, on April 25. From April 25-27, Lane Bryant will give away 50 $25 gift cards each day.
Lane Bryant operates 775 stores across the U.S.