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SUPERVALU chairman resigns, replacement named

SUPERVALU Inc. announced that Gerald Storch, an experienced retail executive, has been elected as the company’s new chair of its board of directors. The appointment comes after Robert Miller, who served as chairman of SUPERVALU’s board of directors since March 2013, announced he would resign his chairman position to focus on other demands.

“We are thrilled to have Jerry Storch as our new non-executive chairman of the SUPERVALU board of directors," Phil Francis, SUPERVALU director, said in a press release. "Jerry’s tremendous experience in food and specialty retailing makes him especially well qualified for this role.

“At the same time," he continued, "we are very grateful to Bob Miller, who is truly a giant in the retail grocery industry, for his service on the SUPERVALU board of directors. The board will continue to consult with Bob as a non-paid advisor to the board as we move forward, and we are both pleased and fortunate that Bob is willing to assist in this capacity."

Storch is chairman and chief executive officer of Storch Advisors, a senior management advisory and consulting firm that focuses primarily on retailing, e-commerce, consumer products and services, and consumer financial services. From 2006-13, Storch was chairman and CEO of Toys “R” Us, 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 served as vice chairman of Target, a $70 billion retailer. During more than a decade with Target, Storch led the retailer’s e-commerce site, target.com, the Target grocery business and the Target Financial Services credit card business, and he oversaw Marshall Field’s department stores. He currently serves as a member of the board of directors of Bristol Myers Squibb and Fanatics. Storch received a master's of business administration from Harvard Business School, a Juris Doctor from Harvard Law School and holds a bachelor's degree from Harvard College.

SUPERVALU’s 11-person board includes seven members who are independent directors under the New York Stock Exchange listing standards.