MINNEAPOLIS One of the nation's largest supermarket changes is changing the size and composition of its board of directors.
Supervalu said it's scaling back its board from 15 to 12 directors but will bring in two new board members (at its annual meeting) to enhance its oversight of the company: Matthew Rubel, president, chairman and CEO of Collective Brands Inc. (owner of Payless ShoeSource), and Donald Chappel, SVP and CFO of The Williams Cos., an energy transmission company. Additionally, the chain is expected to name Wayne Sales, retired vice chairman of Canadian Tire Corp. as its nonexecutive chairman.
After many years of distinguished service, five board members are leaving the company. Following his 2009 retirement announcement, Jeff Noddle, current chairman of the board and former Supervalu CEO, will be retiring effective at the company’s annual meeting in June 2010. Lawrence A. Del Santo, who has been a director since 1997 and lead director since 2006; and Garnett L. Keith, Jr., are also retiring from the board effective at the annual meeting. In addition, A. Gary Ames and Marissa T. Peterson, whose terms would expire in 2011, voluntarily resigned from the board effective April 14.
Sales stated, “The board is grateful for the leadership that Jeff and Larry have provided, and the important contributions of all of our directors. These include, most recently, their execution of a successful transition to new leadership under Craig Herkert, the guidance they have provided to help Supervalu navigate through the recent economic environment while maintaining its focus on long-term value creation, and their dedication to the highest standards of board governance.”