Supervalu's new CEO comes from Wal-Mart
Supervalu Inc. on Wednesday announced that it has appointed Wal-Mart executive Craig Herkert as its new chief executive officer.
Supervalu, based in Minneapolis, said it has not set a start date for Herkert, 49, to assume the leadership position at the national grocery chain.
Herkert takes over the job from Jeff Noddle, 62, a more than 30-year employee at Supervalu who has served as its CEO since 2001.
Supervalu said its board began the search more than a year ago. Noddle will serve as executive chairman of the Minneapolis-based company for at least one year before he departs.
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The company had no comment on Noddle's plans beyond his time at Supervalu, but Noddle said in a statement that he is beginning to plan for retirement.
At Wal-Mart Stores Inc., Herkert has served as president and CEO of its Americas region since 2004. Before Wal-Mart, he worked with American Stores and Albertsons companies, as well as other grocers.
Supervalu acquired Albertsons in 2006, a deal Noddle was the chief architect for and that more than doubled the company's size.
Noddle is also credited with reshaping its supply chain business and making it more efficient. The company is now one of the nation's largest grocers with roughly 2,500 stores nationwide, as well as a supply chain business.
"The time is right to lay the groundwork for continuity of leadership through the next phase of our journey," Noddle said in a statement.
Noddle said Herkert is a talented executive with the experience to lead the business.
Shares of Supervalu fell 38 cents to $16.64 by early afternoon trading Wednesday.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
