Supervalu Taps Canadian Tire Veteran as Chairman

MINNEAPOLIS — Supervalu here on Tuesday said it would reduce the size of its board of directors from 15 to 12 members and has selected a non-executive chairman of the board.

The company said the the board expects to name Wayne C. Sales, 60, retired vice chairman of Canadian Tire Corporation Ltd. and a director of Supervalu since the Albertsons acquisition in 2006, to the newly created position of non-executive chairman following the company's annual meeting in June.

Five board members are leaving the company. As planned following his 2009 retirement announcement, Jeff Noddle, 63, current chairman of the board and former chief executive officer, will retire effective at the company’s annual meeting. Lawrence A. Del Santo, 76, and Garnett L. Keith Jr., 74, are also retiring from the board effective at the annual meeting. In addition, A. Gary Ames, 65, and Marissa T. Peterson, 48, whose terms would expire in 2011, voluntarily resigned from the board effective April 14, 2010.

The board also announced that it is nominating Matthew E. Rubel, 52, chairman, CEO and president of Collective Brands (owner of Payless ShoeSource), and Donald R. Chappel, 58, senior vice president and chief financial officer of The Williams Companies, an energy transmission company, to stand for election at the company’s annual meeting.

Read More of Today's Headlines