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Stock Market & Financial Investment News

News Breaks
February 4, 2013
08:35 EDTOMX, SVUSuperValu says Sam K. Duncan installed as CEO, effective immediately
SUPERVAL announced that Sam K. Duncan will become president and CEO, effective immediately. In this role he succeeds Wayne Sales, who has served as the companyís president and CEO since July 2012. Last month, SUPERVALU announced an agreement with AB Acquisition LLC to sell five of its retail banners as well as enter into an agreement with Symphony Investors LLC to conduct a tender offer for up to 30% of SUPERVALUís outstanding common stock at a purchase price of $4.00 per share in cash. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led entities. SUPERVALU had previously announced that Duncan would assume the role of president and CEO closing of the transaction. Sales oversaw SUPERVALUís review of strategic alternatives, and as executive chairman, will continue to have oversight over the completion of the transaction. At the closing of the transaction, Robert Miller, current president and CEO of Albertsons LLC, will become SUPERVALUís non-executive chairman. Duncan most recently served from 2005-2011 as chairman, CEO and president of OfficeMax (OMX).
News For SVU;OMX From The Last 14 Days
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February 3, 2016
08:02 EDTSVUSupervalu names Mark Gross to succeed Sam Duncan as president, CEO
Supervalu announced the appointment of Mark Gross as the company's president and CEO, effective February 5, 2016. Gross, age 52, will succeed Sam Duncan who has previously announced he will be retiring. Supervalu also announced that Sam Duncan will be stepping down from the company's 11-person Board of Directors effective with his retirement on February 29, 2016, and that until that time, he will continue with the company as a special advisor to the company's Board of Directors to facilitate a smooth transition. Gross will be appointed to the Board effective March 1, 2016. Additionally, the company said that Bruce Besanko, COO, will report to Gross and continue to oversee the day-to-day operations of the company's Independent Business and Retail Food segments as well as the company's finance organization. From 1997 to 2006, Gross worked at C&S Wholesale Grocers, including serving as Co-President of C&S's overall operations from 2005-2006. Additionally, during his tenure with C&S, Gross served as Chief Financial Officer, General Counsel, and President of its affiliated retail grocery operations.

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