Inside This Issue - News
Supervalu adds CEO of Rite Aid to its board
May 6th, 2013
MINNEAPOLIS – Supervalu Inc. has named Rite Aid Corp. chairman, president and chief executive officer John Standley to its board of directors.
Also elected to Supervalu’s board late last month was Mark Neporent, chief operating officer and general counsel at Cerberus Capital Management LP. Cerberus led an investor consortium that bought five of Supervalu’s supermarket chains in a $3.3 billion deal that closed in March.
Standley, who in the past few years has helped turn around Rite Aid’s business and shore up the drug chain’s finances, is a 20-year veteran of the drug store and supermarket retail sectors. He became Rite Aid’s president and chief operating officer in September 2008, was appointed to the Rite Aid board in 2009, and was named CEO in June 2010 and chairman in June 2012. In an earlier stint at Rite Aid he served as chief financial officer.
From 2005 to 2007 Standley was CEO and a director at regional food/drug chain Pathmark Stores. He worked with Yucaipa Cos. from 1994 to 1999 in senior leadership roles at several supermarket chains that were consolidated into Fred Meyer Inc.
"I am very pleased that John and Mark have accepted positions on our board," stated Bob Miller, nonexecutive chairman at Supervalu. "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."
Supervalu announced the new board members two days after reporting net losses from continuing operations of $179 million (85 cents per diluted share) for the fourth quarter and $263 million ($1.24 per diluted share) for fiscal 2013. The company said the losses reflect after-tax charges of $149 million (71 cents per diluted share) for the quarter and $187 million (88 cents per diluted share) for the year.
Sales from continuing operations fell by 2.3% to $3.89 billion in the fourth quarter and by 1.4% to $17.1 billion for the year.