Market Commentary and Intraday News
News Summary: Supervalu fires CEO amid turnaround
324 days ago
By The Associated Press
WHAT HAPPENED: Supervalu Inc. ousted CEO Craig Herkert and replaced him with Chairman Wayne Sales.
THE TROUBLES: The Minneapolis operator of Albertson's, Jewel-Osco and other grocery chains has been struggling. Last month it posted first-quarter net income that had been nearly cut in half in a fierce price competition with its rivals. The company suspended its dividend and it may be considering putting itself up for sale.
THE BACKGROUND: Supervalu and other supermarket chains have struggling in recent years amid intensifying competition from big-box retailers, dollar stores and drugstores. Even among its peers, however, Supervalu has been laggard in adapting to the change landscape.
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