Grocery giant Supervalu, parent of Cub Foods in the Twin Cities, said Thursday that CEO Sam Duncan plans to retire in February at the end of the company’s 2016 fiscal year.
The Eden Prairie-based company also said Chief Financial Officer Bruce Besanko has been named chief operating officer and Susan Grafton, senior vice president, finance, has been promoted to chief financial officer. Those moves were effective Thursday.
Duncan, 63, a former Office Max CEO, came to Supervalu in February of 2013, at a time of turmoil for the national grocery company. The company had just announced plans to split off its Albertson’s and Jewel-Osco chains to concentrate on food distribution, the Save-A-Lot hard-discount brand, and regional grocers like Cub. In July of this year, the company said it was seeking to sell off Save-A-Lot, and a news release Thursday says Duncan’s retirement does not change those plans.
“After 46 years in the grocery and retail business, this is a bittersweet moment,” Duncan said in the release. “But I am also excited by the opportunity to have more time for my family and personal interests following my retirement.”
Supervalu shares grew around 40 percent during Duncan’s tenure, and closed Thursday at $7.03. The announcement was made after close of trading.
BUILDING PERMITS DOWN IN TWIN CITIES
September single-family building permits in the Twin Cities were down 6 percent compared with last year, and multi-family permits were down more than 50 percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities, there were 388 permits issued for a total of 903 units during four comparable weeks in the month of September 2015.
For the month, Edina issued the most permitted units at 258, followed by Monticello with 141, and Minneapolis was third with 126 units. Rounding out the top five are Lakeville with with 31 permitted units and Blaine with 30 units.
BRIEFLY
Braun Intertec, Minneapolis, announced has acquired Apex Geoscience, a Texas-based geotechnical engineering, testing and environmental consulting company. … AmeriPride Services, a Minnestonka-based textile rental services and supply company, announced the acquisition of First Class Linen in Mississippi.
