Supervalu EVP, COO and CFO Bruce Besanko has informed the company’s board of directors that he will resign on July 5 to pursue another professional opportunity. Rob Woseth, currently EVP, chief strategy officer will take on the additional position of interim CFO, and David Johnson, VP, Controller, will assume the additional role of interim chief accounting officer, while the company undertakes a search for a permanent CFO.
“On behalf of Supervalu, I want to thank Bruce for his service over the past four years,” said Mark Gross, the company’s president and CEO. “Bruce made numerous contributions to this organization, including improvements to the company’s capital structure that have laid the groundwork for our transformation. We wish Bruce well in his future endeavors. Rob and David are important leaders at the company, and I am very pleased that they will assume these interim roles.”
In other news, Supervalu has completed its acquisition of Commerce, Calif.-based Unified Grocers Inc. in a deal valued at $390 million, comprising $114 million in cash to Unified’s shareholders for 100 percent of the outstanding stock of Unified, plus the assumption and payoff at closing of Unified’s net debt of about $276 million.
“The completion of this transaction is a significant step forward for Supervalu and the growth of our wholesale business,” noted Gross. “Our teams are fully engaged in the important work of integrating these two great organizations, with a continued focus on delivering for our customers and stockholders. We’re excited about working with the many talented associates to supply and serve our expanded and highly diverse customer base.”
One of the largest grocery wholesalers and retailers in the United States, Minneapolis-based Supervalu operates 2,363 stores, including 1,902 stores run by wholesale customers serviced primarily by the company’s food distribution business, and 217 traditional retail grocery stores operated under five retail banners across six geographic regions. The company has abbout 29,000 employees.