Supervalu Inc on Monday named a new president for its Save-A-Lot discount chain and announced other management changes as the supermarket operator and food distributor gets ready to close a deal that will make it a leaner company.
Supervalu said it should close the deal to sell five of its supermarket chains to an investor group led by Cerberus Capital Management LP during the week of March 18. It had announced the $3.3 billion transaction, which includes the assumption of $3.2 billion in debt, in January.
Supervalu is retaining its food wholesaler serving 1,950 U.S. stores; the 1,300-store Save-A-Lot discount grocery chain; and the regional grocery chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's.
Former OfficeMax Inc Chief Executive Officer Sam Duncan became Supervalu's CEO one month ago, and on Monday he announced some of the company's new leadership team.
Ritchie Casteel was named Save-A-Lot's president and CEO, replacing Santiago Roces. Eric Hymas was named president of Shop 'N Save, replacing Marlene Gebhard.
Several Supervalu executives will be leaving once the deal is completed, including Kevin Holt, president of Supervalu retail; Tim Lowe, executive vice president of merchandising; and Michael Moore, executive vice president and chief marketing officer, the company said.
(Reporting by Jessica Wohl in Chicago; Editing by Lisa Von Ahn)