Supervalu has elected two new members to its board: John Standley, Rite Aid’s chairman president and CEO and Mark Neporent, Cerberus Capital’s COO and general counsel. They are directors. In January, Supervalu agreed to sell five of its retail grocery chains to an investor group led by Cerberus Capital Management LP.
SUPERVALU (NYSE: SVU) today announced the election of two new members to its Board of Directors: John Standley, chairman, president and CEO of Rite Aid Corporation and Mark A. Neporent, chief operating officer and general counsel, Cerberus Capital Management, L.P. (“Cerberus”), as directors.
“I am very pleased that John and Mark have accepted positions on our Board,” said Bob Miller, SUPERVALU’s non-executive chairman. “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.”
Mr. Standley has spent the past 20 years in executive leadership roles in the grocery and pharmacy retail business. He became Rite Aid Corporation’s president and chief operating officer in September 2008, was appointed to the Rite Aid Board of Directors in 2009 and was named CEO in June 2010. He was elected chairman of Rite Aid’s Board of Directors in June 2012. Mr. Standley had previously served as Rite Aid’s chief financial officer, chief administrative officer and senior executive vice president from 1999 to 2005. Rite Aid Corporation (NYSE: RAD) is one of the nation’s leading drugstore chains with more than 4,600 stores in 31 states and the District of Columbia and fiscal 2013 annual revenues of $25.4 billion. In addition to his tenure at Rite Aid, Mr. Standley served as CEO and a member of the Board of Directors of Pathmark Stores, a northeast regional supermarket chain from 2005-2007. He also worked with The Yucaipa Companies from 1994 to 1999 in a variety of senior leadership positions at several grocery companies that were consolidated into Fred Meyer Inc. Mr. Standley is currently vice chairman of the National Association of Chain Drug Stores (NACDS) and is a graduate of Pepperdine University.
Mr. Neporent is a designee of Symphony Investors, a Cerberus affiliate. He has served as COO and general counsel of Cerberus since 1998. Cerberus, one of the world’s leading private investment firms, has more than $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. Mr. Neporent is responsible for the day-to-day management of Cerberus and serves on many of the Firm’s committees, including the Investment Committee, Valuation Committee and Risk/Compliance Committee, among others. Prior to joining Cerberus, Mr. Neporent was a partner in the Business Reorganization and Finance Group at Schulte Roth & Zabel LLP, where he practiced from 1986 until he joined Cerberus. He also practiced from 1982 to 1986 at the firm of Otterbourg Steindler Houston & Rosen, P.C. Mr. Neporent is a graduate of Lehigh University and Syracuse University College of Law, where he was the lead articles editor for the Syracuse Law Review.
The nine-person board resulting from today’s appointments will have five members who are independent directors under the New York Stock Exchange listing standards. The board will continue the search process for one additional independent director. Upon the selection and appointment of this director, Mr. Sam Duncan, SUPERVALU’s president and chief executive officer will be added, increasing the final size of the Board to 11 directors.
About SUPERVALU INC.
SUPERVALU Inc. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $17 billion. SUPERVALU serves customers across the United States through a network of approximately 3,420 stores composed of 1,900 independent stores serviced primarily by the Company’s food distribution business, 1,331 Save-A-Lot stores, of which 950 are operated by licensee owners; and 191 traditional retail grocery stores. Headquartered in Minnesota, SUPERVALU has approximately 35,000 employees. For more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations, guidance, or future operating results, and other statements identified by words such as “estimates,” “expects,” “projects,” “plans,” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including competition, ability to execute initiatives, substantial indebtedness, impact of economic conditions, labor relations issues, escalating costs of providing employee benefits, regulatory matters, food and drug safety issues, self-insurance, legal and administrative proceedings, information technology, severe weather, natural disasters and adverse climate changes, the continuing review of goodwill and other intangible assets, accounting matters, the effect of the sale of the New Albertsons banners and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU’s reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.