Supervalu announced former Target executive Gerald Storch has been elected as the company's new chair of its Board of Directors.
The appointment comes after Robert Miller, who served as Supervalu's (NYSE: SVU) chairman for just 10 months, since March 2013, announced he would resign his chairman position to focus on other demands.
Storch served as chairman and CEO of Toys "R" Us from 2006 to 2013, where he helped grow the company into a $13 billion global retailer, including expanding the company's e-commerce business and overseeing several large-scale mergers and acquisitions.
Prior to his tenure at Toys "R" Us, Storch was vice chairman of Target (NYSE: TGT), a $70 billion retailer. During more than a decade with Target, he led the retailer's e-commerce site, target.com, the Target grocery business, and the Target Financial Services credit card business, and oversaw Marshall Field's Department Stores.
Storch resigned as CEO of Toys "R" Us in Feb. 2013, to found Storch Advisors, a senior management advisory and consulting firm that focuses primarily on retailing, e-commerce, consumer products and services, and consumer financial services. He also currently serves as a member of the Board of Directors of Bristol Myers Squibb and Fanatics.
Storch joins a newly streamlined Supervalu, following the sale last year of the Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores to AB Acquisition LLC, an affiliate of a Cerberus Capital Management L.P.-led investor consortium.
For more see
-this press release
-this Minneaplis Star Tribune story
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