Supervalu CEO Sam Duncan to retire in February 2016

Supervalu Inc., Minneapolis, said Sam Duncan informed the company's board of directors of his intention to retire as president and CEO on Feb. 29, 2016, following the end of the company’s fiscal year. The announcement does not impact the company’s continued exploration of a separation of its Save-A-Lot business.

Duncan was named president and CEO in February 2013 in connection with the sale by Supervalu of five retail grocery banners to Albertson’s. Under his leadership and direction, Supervalu repositioned its three core business segments: Independent Business, Save-A-Lot and five remaining regional retail food banners.

“Supervalu is a terrific organization, and we have accomplished a great deal together during the past two and one-half years,” said Duncan. “I have thoroughly enjoyed working with our employees and thank them for all of their hard work and dedication.

"I am also looking forward to finishing the year strong and continuing to drive sales and cash through my remaining time at the company, as well as providing time and support to ensure a smooth transition for my successor," he continued. "After 46 years in the grocery and retail business, this is a bittersweet moment, but I am also excited by the opportunity to have more time for my family and personal interests following my retirement.”

Jerry Storch, non-executive chairman of the board, had praise for Duncan.

“Sam has made a tremendous contribution to Supervalu during his tenure as president and CEO,” he said. “He helped stabilize the business following the sale of the five retail grocery banners and has led a turnaround in the performance of the entire company, including improving the performance of all three of its core business segments. The company is in a better place today because of Sam’s leadership."

Supervalu also said that it promoted Bruce Besanko to the newly created role of executive vice president, chief operating officer, reporting to Sam Duncan; and Susan Grafton to executive vice president, chief financial officer, reporting to Bruce Besanko. Both appointments are effective immediately.