Supervalu CEO's 2009 Pay Package Valued At $4.1M

SARAH SKIDMORE

PORTLAND, Ore. (AP) — Supervalu Inc. Chairman and Chief Executive Jeffrey Noddle received compensation valued at $4.1 million in fiscal 2009, down 22 percent from a year earlier, as he failed to earn a performance-based bonus.

Meanwhile, the value of his salary, stock options and other perks grew, according to an Associated Press analysis of a regulatory filing.

Noddle, 62, is a more than 30-year veteran at Eden Prarie, Minn.-based Supervalu and has served as its CEO since 2001. Supervalu recently announced that it has appointed Wal-Mart executive Craig Herkert as its new CEO but has not set a start date for Herkert to take over as Noddle moves into retirement.

The value of Noddle's pay package fell to $4.1 million for 2009, from roughly $5.3 million in the prior fiscal year.

Noddle's 2009 base salary rose 2.9 percent to $1.2 million. His pay package also included stock options valued at $2.9 million at the time they were granted, up from $2.7 million a year earlier. Perks included in his compensation increased 12 percent to $83,199. Among the perks were $26,148 for use of the company aircraft and more than $3,000 for an executive physical.