Supervalu Chairman Stepping Down

By Tess Stynes 

Supervalu Inc. Chairman Robert Miller is resigning to focus on other demands after less than a year in the position.

Mr. Miller, who has been chairman since March of last year, will serve as a nonpaid adviser to the board, and will be succeeded by Gerald Storch.

Mr. Storch is chairman and chief executive of Storch Advisers, a management and advisory firm focused on retailing, e-commerce, consumer products and services, and consumer financial services. His previous experience includes serving as chairman and CEO of Toys "R" Us from 2006 to 2013.

Supervalu director Phil Francis said that Mr. Storch's "tremendous experience in food and specialty retailing makes him especially well qualified for this role."

Traditional grocers such as Supervalu and Safeway Inc. have struggled in recent years as they compete for customers in a sluggish economy. The sector also has been pressured as dollar stores, drugstores and mass-market retailers such as Wal-Mart Stores Inc. expanded their grocery offerings.

Supervalu recently reported that its fiscal third-quarter earnings nearly doubled on lower expenses and growth at its Save-A-Lot business, masking a modest decline in total revenue.

Through Monday's close, the stock is down 16% this year.

Write to Tess Stynes at [e-mail]

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