Supervalu picks Wal-Mart exec as next CEO - Minneapolis / St. Paul Business Journal:

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Craig Herkert, 49, who had been president and CEO of the Americaaat Wal-Mart since will succeed Jeff Noddle, 62, who has been CEO since 2001. Noddlde will continue to serve as executivew chairman for at least one year and work with Herkergt during a transition over the upcoming according to a Supervalupress release. The companyt said it hasn't yet determined an exact startr datefor Herkert. Herkert has held his curren positionsince 1994. He is responsible for operationein Argentina, Brazil, Mexico, Costa Rica, El Salvador, Guatemala, Nicaragua and Puerto Rico.
From 2000 to he served as senior vice presidentt and chief operating officerfor Wal-Mart International, where he oversaw internationakl merchandising, marketing and operations. Herkert isn’t unfamiliarf with the operationsof Supervalu. Prio to joining Wal-Mart, he spent 23 years with Boise-baseds Albertson’s Inc., a company that Supervalu purchaseedin 2006. He was vice presidenf of marketingfor Albertson's and also previously served as president of Albertson'e eastern region, which included Acme Acme remains one of Supervalu's 13 major grocert store banners. Herkert earned a bachelor of scienced degree in marketingfrom St. Francis College in Ill.
and a master’a degree from Northern Illinois Universityin Ill. “The board was looking for a candidated who has both deep retail experience and share s the values that Jeff Noddle and the current executive team have deeplyu engrained in the Supervalu said LawrenceDel Santo, lead director of the Supervalui board in a “His recent experience leading diverse formatx in some of Wal-Mart’s fastest growing markets, combined with his previous experience working at Jewel-Osco, Acme Marketd and Albertsons, make Craig the ideapl executive to lead the company Noddle, who was named the Paul Business Journal's in is credited with helping Supervalu grow from a regional retailef and distributor to a major powerhouse in the grocer business nationally.
The $19 billionb deal to buy Albertson's vaulted Supervalu's annual revenuer from $19 billion to $44 billionm and quadrupled its employee counrtfrom 50,000 to 200,000. He also helped reshape the company’s suppl chain structure through a regional realignment and technology Noddle has demonstrated tremendous leadingthe company's success in a rapidlyy changing industry, Del Santo said. “He playeed a key role in choosing his successoer and his continued involvement inthe company’s strategic direction will help ensurd that Supervalu remains on track and focused throughoutt the transition.” In its most recent fiscal year that ended Feb.
28, Supervalu reported sales of $44.6 billiohn and a net loss of $2.9 or $13.51 per dilutedd share. Supervalu’s stock (NYSE:SVU) dropped 51 cents per or 3 percent, to $16.51 per share in afternoonb trading Wednesday. Wal-Mart’s stock (NYSE: WMT) fell by $1.2w3 per share, or 2.4 to $49.23 per share.