You are here
MINNEAPOLIS -- Supervalu, Inc. yesterday named long-time executive Mike Jackson president and c.o.o. at its annual shareholders' meeting. Jackson most recently served as the wholesaler-retailer's e.v.p., and president of distribution food companies. His new position takes effect immediately.
Jackson picks up the corporate presidential post from Jeff Noddle, who remains Supervalu chairman and c.e.o. In a statement, Noddle said: "Mike is an excellent choice to execute the broad array of strategies that Supervalu has underway. The transformation of Supervalu continues to unfold and we are well positioned to reach our full potential in grocery retailing and supply chain services. Mike's strong execution skills will be an important asset to the organization as we implement a sizable number of initiatives, including our new third-party logistics business, the new produce offering, numerous projects across our retail portfolio, and the further deployment of technology across our company."
Said Jackson, "I am very excited to serve Supervalu in this new role and look forward to providing leadership as we pursue these new business initiatives. Supervalu offers an exciting future as a company rich with tradition and full of dedicated and talented individuals. I am fully committed to the successful implementation of the company's strategic vision."
Jackson's career encompasses both distribution and retail experience, since coming to Supervalu in 1979. Before becoming v.p. and president of distribution food companies in 2001, he was s.v.p. of operations for corporate retail, from 1999 to 2001.
Jackson serves on the Food Marketing Institute's wholesale advisory board, the National Grocers Association executive committee -- board of directors, and the International Grocers Association USA board of directors.
In other Supervalu executive shuffling, Jim Stoffel has been appointed treasurer. As v.p., financial planning and treasurer, he will take on the responsibility of overseeing Supevalu's treasury organization. In his new role, Stoffel will continue to report to Pam Knous, Supervalu's e.v.p. and c.f.o.
Stoffel served as corporate v.p. of financial planning since joining Supervalu in 2002. He will retain his current responsibilities for financial planning, including risk management, tax, planning, and internal audit.
Before coming to the company, Stoffel, a certified public accountant, held executive-level positions in finance, treasury, and operations at Best Buy, Nordstrom, Saks, and Carson Pirie Scott & Co. He also was senior manager for KPMG Peat Marwick.
Also at the shareholders' meeting yesterday, Supervalu said its board of directors had approved a 6.6 percent increase in the annual dividend to 65 cents per share from last year's level of 61 cents per share.
"Supervalu has a strong dividend history, having paid dividends for nearly 70 years," observed Noddle. "Today's dividend increase reflects our strong financial performance in fiscal 2005 and demonstrates our commitment to shareholder return."
The new quarterly dividend rate of 1.625 cents per share will become effective with the September dividend payment. The earlier announced quarterly dividend, which was payable yesterday, will be paid at last year's quarterly amount of 1.525 cents per share.
Additionally, Noddle reviewed Supervalu's next-generation strategies, including third-party logistics, the new produce business model under the name of W. Newell & Co., many projects across the retail portfolio, and the further deployment of technology throughout the company.
Shareholders at the meeting approved all items presented for vote, among them the election of Edwin C. Gage, Garnett L. Keith Jr., and Marissa Peterson the three-year terms as directors on the company's board; the appointment of KPMG LLP to audit the company's financial statements for the current fiscal year, as the firm has done since fiscal 1999; and certain amendments to the company's 2002 stock plan.
Supervalu also announced at the meeting that Richard L. Knowlton had retired from its board of directors, after 11 years of service.
Supervalu has more than 1,500 retail grocery locations, including licensed Save-A-Lot locations. Through Supervalu's geographically diverse distribution network, the company provides distribution and related logistics support services to almost 4,500 grocery retailers across the United States. In addition, the company's third-party logistics business offers integrated end-to-end supply chain management solutions for manufacturers, consumer products retailers, and foodservice customers. Supervalu currently has more than 56,000 employees.