SUPERVALU Appoints Two New Executives to Its Board of Directors
MINNEAPOLIS -- April 26, 2013
SUPERVALU (NYSE: SVU) today announced the election of two new members to its
Board of Directors: John Standley, chairman, president and CEO of Rite Aid
Corporation and Mark A. Neporent, chief operating officer and general counsel,
Cerberus Capital Management, L.P. (“Cerberus”), as directors.
“I am very pleased that John and Mark have accepted positions on our Board,”
said Bob Miller, SUPERVALU’s non-executive chairman. “It is important that we
have a strong Board of Directors with a mix of industry, financial and
professional experience to draw upon. John and Mark provide tremendous
knowledge and a strong understanding of the guidance and direction this Board
should offer SUPERVALU during its rebuilding process.”
Mr. Standley has spent the past 20 years in executive leadership roles in the
grocery and pharmacy retail business. He became Rite Aid Corporation’s
president and chief operating officer in September 2008, was appointed to the
Rite Aid Board of Directors in 2009 and was named CEO in June 2010. He was
elected chairman of Rite Aid’s Board of Directors in June 2012. Mr. Standley
had previously served as Rite Aid’s chief financial officer, chief
administrative officer and senior executive vice president from 1999 to 2005.
Rite Aid Corporation (NYSE: RAD) is one of the nation’s leading drugstore
chains with more than 4,600 stores in 31 states and the District of Columbia
and fiscal 2013 annual revenues of $25.4 billion. In addition to his tenure at
Rite Aid, Mr. Standley served as CEO and a member of the Board of Directors of
Pathmark Stores, a northeast regional supermarket chain from 2005-2007. He
also worked with The Yucaipa Companies from 1994 to 1999 in a variety of
senior leadership positions at several grocery companies that were
consolidated into Fred Meyer Inc. Mr. Standley is currently vice chairman of
the National Association of Chain Drug Stores (NACDS) and is a graduate of
Mr. Neporent is a designee of Symphony Investors, a Cerberus affiliate. He has
served as COO and general counsel of Cerberus since 1998. Cerberus, one of the
world's leading private investment firms, has more than $20 billion under
management invested in four primary strategies: distressed securities &
assets; control and non-control private equity; commercial mid-market lending
and real estate-related investments. Mr. Neporent is responsible for the
day-to-day management of Cerberus and serves on many of the Firm’s committees,
including the Investment Committee, Valuation Committee and Risk/Compliance
Committee, among others. Prior to joining Cerberus, Mr. Neporent was a partner
in the Business Reorganization and Finance Group at Schulte Roth & Zabel LLP,
where he practiced from 1986 until he joined Cerberus. He also practiced from
1982 to 1986 at the firm of Otterbourg Steindler Houston & Rosen, P.C. Mr.
Neporent is a graduate of Lehigh University and Syracuse University College of
Law, where he was the lead articles editor for the Syracuse Law Review.
The nine-person board resulting from today’s appointments will have five
members who are independent directors under the New York Stock Exchange
listing standards. The board will continue the search process for one
additional independent director. Upon the selection and appointment of this
director, Mr. Sam Duncan, SUPERVALU’s president and chief executive officer
will be added, increasing the final size of the Board to 11 directors.
About SUPERVALU INC.
SUPERVALU Inc. is one of the largest grocery wholesalers and retailers in the
U.S. with annual sales of approximately $17 billion. SUPERVALU serves
customers across the United States through a network of approximately 3,420
stores composed of 1,900 independent stores serviced primarily by the
Company’s food distribution business, 1,331 Save-A-Lot stores, of which 950
are operated by licensee owners; and 191 traditional retail grocery stores.
Headquartered in Minnesota, SUPERVALU has approximately 35,000 employees. For
more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE
OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
Except for the historical and factual information contained herein, the
matters set forth in this news release, particularly those pertaining to
SUPERVALU’s expectations, guidance, or future operating results, and other
statements identified by words such as "estimates," "expects," "projects,"
"plans," and similar expressions are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
competition, ability to execute initiatives, substantial indebtedness, impact
of economic conditions, labor relations issues, escalating costs of providing
employee benefits, regulatory matters, food and drug safety issues,
self-insurance, legal and administrative proceedings, information technology,
severe weather, natural disasters and adverse climate changes, the continuing
review of goodwill and other intangible assets, accounting matters, the effect
of the sale of the New Albertsons banners and other risk factors relating to
our business or industry as detailed from time to time in SUPERVALU's reports
filed with the SEC. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. Unless legally required, SUPERVALU undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Steve Bloomquist, 952-828-4144
Jeff Swanson, 952-903-1645
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