Under-pressure US retailer Supervalu Inc today (30 July) announced CEO Craig Herkert has left the company.
Supervalu, which is battling to revitalise its business after three years of falling gross profit and identical-store sales, said chairman Wayne Sales had replaced Herkert.
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The retailer is undertaking a review of its operations, which could include a sale of the company.
The review was announced earlier this month after another quarter of falling sales. In the short term, Supervalu is accelerating its moves to lower prices and lowering costs.
Mr Sales said he would continue to lead the strategic review but also outlined his priorities for Supervalu, which has come under the scrutiny of analysts.
“We will take significant cost out of the business, and move with urgency in our retail food business to lower prices and create points of sustainable differentiation for our customers,” he said today.
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By GlobalData“We will work closely and collaboratively with independent retailers to ensure that they continue to receive the superior service they need to increase sales and profitability. We will strengthen our engagement with our Save-A-Lot licensees – leveraging their expertise, enhancing our collective performance, and ensuring our ability to grow a nationwide network of hard discount stores.”
The former vice chairman of Canadian retailer Canadian Tire Corp. is Supervalu’s third CEO in three years. Herkert, a former Wal-Mart Stores executive, in 2009. He replaced Jeff Noddle, who retired after eight years at the helm.
