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EDEN PRAIRIE, Minn. -- The board of directors of Supervalu, based here, said yesterday that it has elected PetSmart, Inc. chairman and c.e.o. Philip L. Francis, a supermarket industry veteran, to the board.
Francis has served in his present positions at PetSmart since March 1998 and has been chairman of that company's board of directors since October 1999. Before coming PetSmart, he was president and c.e.o. of Shaw's Supermarkets, Inc. From 1988 to January 1991, he served as corporate v.p. of wholesale for Roundy's Inc. Prior to that, Francis amassed a wealth of experience in various management positions with Cardinal Health and the Jewel Cos.
Supervalu's board additionally declared a regular quarterly dividend of $0.1625 per share, payable on March 15, 2006 to stockholders of record as of the close of business on March 1, 2006, and amended the company's bylaws to adopt a majority-vote standard for the election of directors in uncontested elections. The change takes effect with the next election of directors in May 2006.
Supervalu chairman and c.e.o. Jeff Noddle said in a statement: "We welcome Phil's depth of experience and industry insight. I am confident that Supervalu will be well served by his guidance as we embark on the most transformational chapter of our company's 135-year history."
Late last month the company, CVS, and an investment group led by Cerberus Capital Management said they had reached definitive agreements to acquire Boise, Idaho-based Albertsons, Inc. In accordance with the agreements, Supervalu will acquire key retail operations of Albertsons -- a total 1,124 stores -- among them Acme Markets, Bristol Farms, Jewel-Osco, Shaw's Supermarkets, Star Markets, and Albertsons banner stores in the Intermountain, Northwest, and Southern California regions. The acquisition will also include the related in-store pharmacies operating under the Osco Drug and Sav-on banners.
As a result of the acquisition, which is subject to approval by shareholders of the companies involved, Supervalu will become the second-largest supermarket chain in the United States, with annual revenues of about $44 billion.