Supervalu's Smith Paid Extra to Stick Around

Supervalu Inc. is paying its outgoing chief financial officer Sherry Smith $300,000 for an extra two months beyond her scheduled departure as the Minneapolis-based grocery operator continues to search for a new successor.

The company's CFO since December 2010, Smith and Supervalu were scheduled to part company at the end of May.

But in a filing Wednesday with the U.S. Securities and Exchange Commission, Supervalu reported it was paying Smith - a 26-year company veteran - a retention payment of $300,000 to stay through July 31, over and above her usual salary, the Minneapolis-St. Paul Business Journal reported.

Smith offered to stay as Supervalu continued to search for her replacement, a company spokesperson said. Smith is leaving the company as new CEO Sam Duncan assembles a new executive team for the rebuilding company.