Monday January 13th, 2014 - 5:36PM
Supervalu Inc. has announced that its board of directors has elected former Target and Toys “R” Us executive Gerald Storch as the company’s new chairman. The appointment comes after Robert Miller, who served as chairman from March 2013, announced he would resign his position to focus on other demands.
Miller is CEO of Albertson’s LLC. In January of last year, Albertsons purchased Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies from Supervalu. Cerberus Capital Management L.P. assembled investor consortiums that control Albertson’s LLC and Supervalu Inc.
In comments on the announcement, Supervalu director Phil Francis said, “We are thrilled to have Jerry Storch as our new non-executive chairman of the Supervalu board of directors. Jerry’s tremendous experience in food and specialty retailing makes him especially well qualified for this role. At the same time, we are very grateful to Bob Miller, who is truly a giant in the retail grocery industry, for his service on the Supervalu board of directors. The board will continue to consult with Bob as a non-paid advisor to the board as we move forward, and we are both pleased and fortunate that Bob is willing to assist in this capacity.”
Storch is chairman and chief executive officer of Storch Advisors, a consulting firm that focuses primarily on retailing, e-commerce, consumer products and services, and consumer financial services. From 2006 to 2013, he was chairman and CEO of Toys “R” Us. Before that, Storch was vice chairman at Target.