MINNEAPOLIS--(BUSINESS WIRE)--May 8, 2006--SUPERVALU INC. (NYSE:
SVU) announced today the new executive management team that will lead
the company when its acquisition of premier retail properties of
Albertson's, Inc. (NYSE: ABS) is completed. The acquisition is
expected to be finalized in June following special shareholder
meetings on May 30.
As previously announced, Jeff Noddle will be SUPERVALU Chairman
and Chief Executive Officer. Noddle, 59, has reshaped SUPERVALU since
taking the helm in 2001 through a well-executed plan that has included
growing the retail operation, fostering the development of multiple
retail formats, strengthening the supply chain backbone, and improving
the financial health of the company. As a result, SUPERVALU is
uniquely positioned to complete its most transformational step in its
135-year history with the pending strategic acquisition of Albertsons
premier retail properties, creating the third-largest grocery retailer
in the United States.
"Today's announcement marks a very significant milestone for us.
We are moving quickly to ensure that the new SUPERVALU will be a
focused organization with a best-in-class management team to
capitalize on the enormous opportunity presented by the combination of
these two great companies. This team reflects the best combination of
strengths needed to make SUPERVALU successful," said SUPERVALU
Chairman and Chief Executive Officer Jeff Noddle.
Noddle added, "As a retail powerhouse, our executive team reflects
an expanded retailing competency as well as top-notch business leaders
to deliver the results we set before ourselves. I am honored to lead
SUPERVALU through this important transformation as we combine two
powerful organizations. I am confident that we have the right strategy
and the right team to execute our plans, build on our competitive
strengths, and deliver shareholder value."
SUPERVALU will be organized around its core businesses, including
the development of three retail operating divisions and the
establishment of a company-wide merchandising and marketing function
to support the success and scope of its leading retail market
positions across the country. Reporting to Noddle are the following
executives, who are taking on new or expanded roles.
David Boehnen, SUPERVALU Executive Vice President. Boehnen will
oversee Legal, Real Estate, Corporate Development and Government
Affairs.
John Hooley, SUPERVALU Executive Vice President and President of
Retail East. Hooley will oversee the retail operations of Acme,
bigg's, Farm Fresh, Scott's, Shaw's and Shoppers.
Mike Jackson, SUPERVALU President and Chief Operating Officer.
Jackson will oversee Save-A-Lot, Supply Chain Services and the
Enterprise Office.
Pamela Knous, SUPERVALU Executive Vice President and Chief
Financial Officer. Knous will oversee Finance, Information Technology
and Investor Relations. In addition, Bristol Farms will report to
Knous.
Duncan Mac Naughton, SUPERVALU Executive Vice President,
Merchandising and Marketing. Mac Naughton will oversee a new
company-wide merchandising and marketing function for SUPERVALU.
Currently, Mac Naughton is Executive Vice President, Merchandising,
for Albertsons.
Dave Pylipow, SUPERVALU Senior Vice President, Human Resources.
Pylipow will oversee Human Resource functions and Labor Relations.
Kevin Tripp, SUPERVALU Executive Vice President and President of
Retail Midwest. Tripp will oversee the retail operations of Cub Foods,
Hornbacher's, Jewel and Shop 'n Save, as well as company-wide Pharmacy
operations. Currently, Tripp is Executive Vice President, Drug
Operations and President, Drug Store Division, for Albertsons.
Pete Van Helden, SUPERVALU Senior Vice President and President of
Retail West. Van Helden will oversee the retail operations in Southern
California, Nevada and the Intermountain West division under the
Albertsons banner. Currently, Van Helden is President and Chief
Executive Officer of California Food for Albertsons.
Also reporting to Jeff Noddle to provide important transition
support are Roe Cefalo, currently Albertsons Executive Vice President,
Real Estate Development and New Store Formats, and Kathy Herbert,
currently Albertsons Executive Vice President, Human Resources. In
addition, Bob Borlik, SUPERVALU's recently retired Chief Information
Officer, will also provide interim technology consulting support,
reporting to Knous.
Commenting on local management, Noddle continued, "In addition to
my new executive team, we have very experienced local executives
across the country that represent the best talent in the field to
ensure the highest level of operational and service excellence in the
grocery and pharmacy business."
About SUPERVALU
Celebrating its 135th year of fresh thinking, SUPERVALU INC., a
Fortune 500 company, is one of the largest companies in the United
States grocery channel. With annual revenues of approximately $20
billion, SUPERVALU holds leading market share positions across the
U.S. with its 1,381 retail grocery locations, including licensed
Save-A-Lot locations. Through SUPERVALU's geographically diverse
supply chain network, the company provides distribution and related
logistics support services to grocery retailers across the nation. In
addition, SUPERVALU's third-party logistics business provides
end-to-end supply chain management solutions that deliver value for
manufacturers, consumer products retailers and food service customers.
SUPERVALU currently has approximately 50,000 employees. For more
information about SUPERVALU visit http://www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR
THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Except for the historical and factual information contained
herein, the matters set forth in this press release, including
statements as to the expected benefits of the acquisition such as
efficiencies, cost savings, market profile and financial strength, and
the competitive ability and position of the combined company, and
other statements identified by words such as "estimates," "expects,"
"projects," "plans," and similar expressions are forward-looking
statements within the meaning of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, including required
approvals by SUPERVALU and Albertsons stockholders and regulatory
agencies, the possibility that the anticipated benefits from the
acquisition cannot be fully realized or may take longer to realize
than expected, the possibility that costs or difficulties related to
the integration of Albertsons operations into SUPERVALU will be
greater than expected, the impact of competition and other risk
factors relating to our industry as detailed from time to time in each
of SUPERVALU's and Albertsons reports filed with the SEC. There can be
no assurance that the proposed acquisition will in fact be
consummated. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Unless legally required, SUPERVALU undertakes no
obligation to update publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
ADDITIONAL INFORMATION
SUPERVALU and Albertson's have filed a definitive joint proxy
statement/prospectus with the Securities and Exchange Commission
(SEC). INVESTORS ARE URGED TO READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION. You
can obtain the definitive joint proxy statement/prospectus, as well as
other filings containing information about SUPERVALU and Albertsons,
free of charge, at the website maintained by the SEC at www.sec.gov.
Copies of the definitive joint proxy statement/prospectus and the
filings with the SEC that will be incorporated by reference in the
definitive joint proxy statement/prospectus can also be obtained, free
of charge, by directing a request to SUPERVALU INC., 11840 Valley View
Road, Eden Prairie, Minnesota, 55344, Attention: Corporate Secretary,
or to Albertson's, Inc., 250 East Parkcenter Boulevard, Boise, Idaho,
83706-3940, Attention: Corporate Secretary
The respective directors and executive officers of SUPERVALU and
Albertson's and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding SUPERVALU's directors and executive officers is
available in its proxy statement filed with the SEC by SUPERVALU on
May 12, 2005, and information regarding Albertson's directors and
executive officers is available in its proxy statement filed with the
SEC by Albertsons on May 6, 2005. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise, is
contained in the joint proxy statement/prospectus.
CONTACT: SUPERVALU INC.
Vice President Corporate Communications
and Investor Relations
Yolanda Scharton, 952-828-4540
Yolanda.scharton@supervalu.com
or
Media
Haley Meyer, 952-828-4786
Haley.Meyer@supervalu.com
SOURCE: SUPERVALU INC.
