Monday February 4th, 2013 - 7:13PM
Supervalu has appointed Sam Duncan president and CEO, the company announced. Before joining Supervalu, Duncan served as chairman, CEO and president of OfficeMax from 2005 to 2011, it stated.
Prior to his OfficeMax stint, Duncan served from 2002 to 2005 as president and CEO of ShopKo Stores. He has over 40 years of experience in the retail industry, including nearly 30 years with Albertsons and Kroger in positions of increasing responsibility, Supervalu noted.
In his new role, Duncan succeeds Wayne Sales, who has served as the Supervalu’s president and CEO since July 2012. Last month, Supervalu announced that it had struck 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 per share in cash. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led organizations.