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Minneapolis-based wholesaler/retailer Supervalu has elected two new members to its board of directors: John Standley, chairman, president and CEO of Rite Aid Corp.; and Mark A. Neporent, COO and general counsel, Cerberus Capital Management.
“I am very pleased that John and Mark have accepted positions on our board,” said Bob Miller, Supervalu’s non-executive chairman, in a statement. “It is important that we have a strong board of directors with a mix of industry, financial and professional experience to draw upon. John and Mark provide tremendous knowledge and a strong understanding of the guidance and direction this board should offer Supervalu during its rebuilding process.”
Standley has spent the past 20 years in executive leadership roles in the grocery and pharmacy retail business. He became Rite Aid’s president and COO in September 2008, was appointed to the Rite Aid board of directors in 2009 and was named CEO in June 2010. He was elected chairman of Rite Aid’s board of directors in June 2012. Standley had previously served as Rite Aid’s CFO, chief administrative officer and senior executive VP from 1999 to 2005.
In addition to his tenure at Rite Aid, Standley served as CEO and a member of the board of directors of Pathmark Stores from 2005-2007. He also worked with The Yucaipa Companies from 1994 to 1999 in a variety of senior leadership positions at several grocery companies that were consolidated into Fred Meyer Inc. Standley is currently vice chairman of the National Association of Chain Drug Stores (NACDS).
Neporent is a designee of Symphony Investors, a Cerberus affiliate. He has served as COO and general counsel of Cerberus -- one of the world's leading private investment firms -- since 1998. Neporent is responsible for the day-to-day management of Cerberus and serves on many of the firm’s committees. Prior to joining Cerberus, Neporent was a partner in the business reorganization and finance group at Schulte Roth & Zabel LLP, where he practiced from 1986 until he joined Cerberus. He also practiced from 1982 to 1986 at the firm of Otterbourg Steindler Houston & Rosen, P.C.
Supervalu's board will continue the search process for one additional independent director. Upon the selection and appointment of this director, Supervalu president and CEO Sam Duncan will be added, increasing the final size of the board to 11 directors.