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TheStreet Open House

SUPERVALU Completes Sale Of Five Retail Grocery Banners To Cerberus-Led Investor Group

Stocks in this article: SVU

Board of Directors

With the close of the SUPERVALU transaction, Robert Miller, president and chief executive officer of Albertsons LLC, becomes SUPERVALU’s new non-executive Chairman of the Board replacing Wayne Sales, who has served as executive Chairman since August 2012. Mr. Miller has spent more than 50 years in retailing with an impressive track record of improving the financial and operating performance of both public and private corporations.

SUPERVALU also announced that Mr. Sales will remain on the board as a director along with four other current board members -- Donald Chappel, Irwin Cohen, Philip Francis and Matthew Rubel. As previously agreed upon by SUPERVALU and Symphony Investors, five directors voluntarily resigned from the Board effective today -- Ronald Daly, Susan Engel, Edwin “Skip” Gage, Steven Rogers and Kathi Seifert.

Lenard Tessler, a designee of Symphony Investors, also was appointed to the SUPERVALU Board of Directors today. He currently serves as co-head global private equity and senior managing director of Cerberus Capital Management. Prior to joining Cerberus in 2001, Mr. Tessler served as managing partner of TGV Partners from 1990 to 2001, a private equity firm that he founded. He has more than 30 years of leadership experience in private equity and business investment firms and is a member of the Cerberus Capital Management Investment Committee.

The seven-person board resulting from today’s transaction will have four members who are independent directors under the New York Stock Exchange listing standards. This seven-person board will now identify two additional independent directors. Upon the selection and appointment of these two directors, Mr. Duncan and Mark Neporent, a designee of Symphony Investors, will join the board increasing its final size to eleven directors.

Mr. Neporent is the chief operating officer and general counsel for Cerberus Capital Management, L.P., positions he has held with the firm since 1998. He is responsible for the day-to-day management of the firm and is a member of the firm’s Investment Committee, Compensation Committee, Valuation Committee, and Risk/Compliance Committee. Mr. Neporent has more than 30 years of experience, including serving as a partner in the Business Reorganization/Finance Groups of Schulte Roth & Zabel LLP where he practiced from 1986 until he joined Cerberus Capital Management in early 1998.

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