Supervalu Announces Besanko Departure, Acquisition Of Unified Grocers
US retailer Supervalu has announced that Bruce Besanko will resign from his position as executive vice president, chief operating officer and chief financial officer, effective July 5, 2017.
In response, Supervalu said that Rob Woseth, executive vice president and chief strategy officer, will assume the additional position of interim CFO, and David Johnson, vice president, controller, will assume the additional position of interim chief accounting officer, while the retailer looks for a permanent CFO.
Mark Gross, president and chief executive officer, said, “On behalf of Supervalu, I want to thank Bruce for his service over the past four years. Bruce made numerous contributions to this organisation, including improvements to the Company’s capital structure that have laid the groundwork for our transformation. We wish Bruce well in his future endeavours.
“Rob and David are important leaders at the Company, and I am very pleased that they will assume these interim roles.”
Supervalu also announced that it has completed the acquisition of Unified Grocers in a transaction valued at $390 million.
The $390 million (€346 million) is comprised of $114 million (€101 million) in cash to Unified Grocers’ shareholders for 100 percent of the outstanding stock of Unified Grocers, as well as the assumption and pay-off at closing of Unified Grocers’ net debt of approximately $276 million (€254 million).
Mark Gross commented, “The completion of this transaction is a significant step forward for Supervalu and the growth of our wholesale business.
“Our teams are fully engaged in the important work of integrating these two great organisations with a continued focus on delivering for our customers and stockholders. We’re excited about working with the many talented associates to supply and serve our expanded and highly diverse customer base.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O’Sullivan. Click subscribe to sign up to ESM: The European Supermarket Magazine.