Supervalu fires Herkert as CEO; appoints chairman to post

Minneapolis -- Supervalu Inc. said on Monday that its chairman Wayne Sales has been named president and CEO. He replaces Craig Herkert as CEO.

“In my new role, I will work closely with our leadership team to improve our sales and earnings trajectory and generate long-term shareholder value, focusing relentlessly on identifying factors that will drive meaningful improvements in our strategy execution and overall performance,” said Sales. “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.”

Sales, 62, will continue to serve as chairman of Supervalu's board. He is the retired vice chairman of Canadian Tire Corporation Limited, one of the nation’s largest general merchandise retailers.

Supervalu, the nation’s third-largest supermarket chain, earlier in July reported declining quarterly sales and earnings said it was exploring options that included a sale of all or part of the company.