Tuesday, July 31, 2012

Supervalu fires CEO

Craig Herkert, Supervalu's CEO since May 2009, was fired yesterday and replaced by Board Chairman Wayne Sales. Herkert had been under fire by industry experts and journalists for much of his tenure at Supervalu (Acme, Save-A-Lot in the Philly region), and last week the company made news for its announcement that it would explore selling all or parts of the company, in addition to making significant expense cuts.

Sales is credited with turning around Canadian Tire, where he served as CEO from 2000 to 2006. He said yesterday he would take immediate steps to improve sales and cut costs at Supervalu, while improving relationships with Save-A-Lot licensees.

In addition to Acme and Save-A-Lot, Supervalu brands include Albertsons, Jewel-Osco, Shaw's, Cub Foods and Shoppers.

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