Supervalu CEO Sam Duncan Plans To Retire In February

(RTTNews) - Grocery wholesaler and retailer Supervalu Inc. (SVU) said Thursday that President and CEO Sam Duncan has informed the company's Board of Directors of his intention to retire on February 29, 2016, following the end of the company's fiscal year.

Duncan was named President and CEO in February 2013 in connection with the sale by Supervalu of five retail grocery banners to Albertson's. Duncan, 63, is retiring to spend more time with his family in the Pacific Northwest.

Supervalu also said that it has promoted Bruce Besanko to the newly-created role of Executive Vice President, Chief Operating Officer, and Susan Grafton to Executive Vice President, Chief Financial Officer. Both appointments are effective immediately.

The announcement does not impact the company's continued exploration of a separation of its Save-A-Lot business, Supervalu noted.