SUPERVALU Inc. 's SVU CEO Sam Duncan recently announced his decision to step down from his post of President and CEO effective Feb 29, 2016, following the end of fiscal 2016.
The company is in the process of naming the next CEO and is considering options among both internal and external candidates.
Duncan has been serving as the President and CEO of SUPERVALU since Feb 2013, when the company sold five retail grocery banners to Albertson's. As a veteran retail and grocery executive,he led the turnaround at other companies, like Shopko and OfficeMax, as well.
Additionally, SUPERVALU announced two promotions at the executive level. While Bruce Besanko has been promoted to the newly created role of Executive Vice President, Chief Operating Officer (COO), Susan Grafton has been appointed as the Executive Vice President, Chief Financial Officer, effective immediately. While Besanko will report to Duncan, Grafton will be reporting to Besanko.
Besanko will oversee the company's financial functions, independent business operations, five regional Retail Food banners, and the merchandising, marketing, and pharmacy functions.
Besanko has shown great skill as the CFO at SUPERVALU and dealt with business challenges and opportunities. Similarly, Grafton has been invaluable for the overall business of SUPERVALU. Both Besanko and Grafton are expected to help the grocery retailer grow further, going ahead.
SUPERVALU reported better-than-expected earnings and sales in for the past few quarters backed by higher comps in retail, save-a-lot stores and independent business.The company plans to spin off its Save-A-Lot stores into a separate publicly traded company to increase operating efficiency.
SUPERVALU currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the consumer staples sector are Cal-Maine Foods Inc. CALM , Post Holdings Inc. POST and Omega Protein Corporation. OME . While Cal-Maine Foods sports a Zacks Rank #1 (Strong Buy), Post Holdings and Omega Protein has a Zacks Rank #2 (Buy).