Supervalu CEO to retire at end of fiscal year

MINNEAPOLIS — Supervalu announced Thursday that CEO Sam Duncan has informed the company’s board of the directors of his plan to retire on Feb. 29, 2016 when the company’s fiscal year concludes. Duncan took over as Supervalu CEO in 2013 following the company’s sale of five retail grocery banners to Albertsons, and he has 46 years of experience in the grocery and retail business.

“Supervalu is a terrific organization and we have accomplished a great deal together during the past two and one-half years,” Duncan said. “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.”

Supervalu’s non-executive chairman Jerry Storch credits Duncan with turning the company around since he took over, repositioning the company’s three core business segments — independent business, Save-A-Lot and Retail Food banners.

“Sam has made a tremendous contribution to SUPERVALU during his tenure as President and CEO,” Storch said. “The company is in a better place today because of Sam’s leadership. The Board is very grateful and appreciative for Sam’s contributions to the Company.”

Accompanying the announcement of Duncan’s retirement is the news of a new CFO and COO for the company. Supervalu’s Bruce Besanko is now EVP, COO of the company, and Susan Grafton is the company’s EVP, CFO. Besanko will oversee the company’s independent business operations and the Retail Food banners, as well as merchandising, marketing and pharmacy operations. 

“I’m very pleased that Bruce has been promoted to the role of COO for our Company,” said Duncan. “He has done a superb job as CFO for SUPERVALU, working with me and the leadership team on all aspects of the Company’s turnaround success. Additionally, we are very fortunate to have Susan in our ranks as someone who can step right into the CFO role. She has a tremendous financial background and has been instrumental in helping us reposition our financial organization and the overall business over the past one and one-half years.”

Storch said that a search is currently underway for Duncan's successor.