SUPERVALU INC. (NYSE:SVU) To Spend More
A grocery industry leader, SUPERVALU INC. (NYSE:SVU) serves customers through more than 3,400 owned, franchised, licensed and affiliated stores across the U.S. Early last week the company’s Board of Directors approved a new form of “Change of Control Severance Agreement” that the company expects to enter into with its executive officers including:
- Sam Duncan, President and Chief Executive Officer
- Bruce H. Besanko, Executive Vice President and Chief Financial Officer
- Randy Burdick, Executive Vice President and Chief Information Officer
- Ritchie L. Casteel, President and Chief Executive Officer at Save-A-Lot*
- Karla C. Robertson, Executive Vice President, General Counsel and Corporate Secretary
- Mark Van Buskirk, Executive Vice President, Merchandising and Marketing
- Rob Woseth, Executive Vice President and Chief Strategy Officer
* SAVE-A-LOT, a leading hard discount grocery chain, operates through more than 1,250 value oriented stores in rural, urban and suburban neighborhoods and also offers seasonal goods, everyday consumables and high quality general merchandise.
SUPERVALU INC. (NYSE:SVU)’s Severance Agreement provides for continued employment of the listed officer for two year following a Change of Control. It also allows for compensation including severance benefits for the executive officer, subject to certain exceptions.
Annual Christmas Food Drive
In other update from grocery retail industry, Safeway Inc. (NYSE:SWY) kicked off Mayor’s 25th Annual Christmas Food Drive in Whitehorn in northeast Calgary, last Friday. This drive will run through Christmas Eve and about ten teams including media and other organizations will face off for the “Gold Shopping Cart Award”. Last year the drive raised about $540,000 in funds and food.
Safeway Inc. (NYSE:SWY) is also offering special Thanksgiving deals featured under “Holiday Home”, “Holiday Specials”, “Holiday Meals” and “Great Value”. Safeway’s Great Value on holiday essentials allows the customers to save every day through the holidays and offers weekly specials for local store that allows new savings every week on different groceries and other items.