Supervalu names Sam Duncan president and CEO

Supervalu, Minneapolis, announced that Sam Duncan will become president and CEO, effective immediately. He succeeds Wayne Sales, who has served as the company’s president and CEO since July 2012.

Last month, Supervalu announced an agreement with AB Acquisition LLC to sell five of its retail banners and conduct a tender offer for up to 30 percent of Supervalu’s outstanding common stock at a purchase price of $4 in cash. Both AB Acquisition and Symphony Investors are Cerberus Capital Management-led entities, Supervalu said. (Read more about the agreement here.)

The company previously announced that Duncan would assume the role of president and CEO on closing of the transaction. Sales oversaw Supervalu’s 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 Supervalu’s non-executive chairman.

“Sam is a talented and respected executive with a wealth of industry experience,” Sales said. “The board decided to install Sam as president and chief executive officer before the completion of our previously announced transaction so he can start refining and, where appropriate, implement plans for the business. I fully support this decision and look forward to working with Sam to ensure a smooth transition.”

As part of this announcement, Supervalu reaffirmed that the closing of the previously announced sale and tender offer is expected to occur the week of March 18.