News Summary: Supervalu fires CEO amid turnaround

AP News
Posted: Jul 30, 2012 6:24 PM
News Summary: Supervalu fires CEO amid turnaround

SO LONG, CEO: Supervalu Inc. ousted CEO Craig Herkert and replaced him with Chairman Wayne Sales.

TROUBLE IN THE AISLES: The Eden Prairie, Minn.-based operator of Albertson's, Jewel-Osco and other grocery chains has been struggling. Last month it posted first-quarter net income that had been nearly cut in half in a fierce price competition with its rivals. The company suspended its dividend and it may be considering putting itself up for sale.

SUPER STRUGGLES: Supervalu and other supermarket chains have faced intensifying competition from big-box retailers, dollar stores and drugstores. Supervalu has been laggard in adapting to the changing landscape.