Johnson and Duncan are a value-add to SUPERVALU INC (NYSE:SVU)’s board
On Thursday, SUPERVALU INC (NYSE:SVU) announced that the last two members of the company’s re-constituted board of directors has been finalized. President and CEO of Baldwin Richardson Foods Company, Mr. Johnson and SUPERVALU Inc’s president and CEO, Sam Duncan accepted their respective board promotions. Baldwin Richardson Foods Company is one of the food industry’s biggest African-American-owned businesses.
Mr. Johnson’s strong background
From 1989-1991, Mr. Johnson was the CEO of Johnson Products Company. In 1992, he purchased Baldwin Ice Cream Co and went on to completing the acquisition of Richardson Foods from the Quaker Oats Company and formed Baldwin Richardson Foods Company. Today, this company is a primary producer of ingredients and products for McDonald’s Corporation, General Mills, Kellogg and Frito Lay.
The company also has foodservice products and retail brands that are distributed nationally. Mr. Johnson also serves on the Lincoln National Corporation’s Board of Directors. He is the Finance Committee chairman. He sits on Babson College’s Board of Trustees and also serves on the Board of the Urban League of Rochester. Mr. Johnson graduated from Babson College.
About Mr. Duncan
Mr. Duncan had been appointed president and CEO of the company in February. He led SUPERVALU INC (NYSE:SVU) through completion of the New Albertsons, Inc. sale that took place in March. This helped in repositioning the Company as a more efficient and focused retail and wholesale grocery operation. Before joining SVU, from 2005-2011, Mr. Duncan was chairman, CEO and president of OfficeMax. From 2002-2005, he was president and CEO of ShopKo. He has over 40 years of solid retail experience. This includes almost thirty years with Albertsons and Kroger in various roles.
Resulting from this appointment, the board now has 11 members. Under the NYSE listing standards, six members are independent directors. With these new appointments of Mr. Duncan and Mr. Johnson, all the changes in the Board composition that are required by the Tender Offer Agreement dated 10 January 2013 and between SUPERVALU, Cerberus Capital Management, L.P and Symphony Investors, LLC, have been completed.