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Two Supervalu directors resign after Safeway-Albertsons deal
Supervalu said two of its directors, Mark Neporent and Lenard Tessler, have resigned from the board because of their ties to Cerbrus Captial Management, which announced Thursday that it is buying Safeway, a Supervalu competitor, through its AB Acquisition holdings.
March 7, 2014
1 Min Read
Supervalu said two of its directors, Mark Neporent and Lenerd Tessler, have resigned from the board because of their ties to Cerbrus Captial Management, which announced Thursday that it is buying Safeway, a Supervalu competitor, through its AB Acquisition holdings.
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Neporent is COO and general counsel for Cerberus Capital Management, and Tessler is the co-head of global private equity and senior managing director of Cerberus Capital Management. The two had joined the board following the Cerberus-led acquisition of Supervalu’s Albertsons assets and its investment in Supervalu.
The Cerberus-led investment group, Symphony Investors, owns approximately 20.9% of Supervalu’s stock. Symphony also has the right to designate replacement directors for Neporent and Tessler, Supervalu said.
“I would like to thank Mark and Lenard for serving on Supervalu's board of directors and for their important contributions during the transition period following the banner sale,” said Gerald Storch, Supervalu’s non-executive chairman. “We look forward to working with Cerberus to identify two new, highly-qualified director designees to replace Mark and Lenard, and who will help to lead our organization into the future.”
Read more: Safeway, Albertsons agree to merge
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