MINNEAPOLIS (AP) — Supervalu is ousting CEO Craig Herkert as the grocery chain looks to right its business following disappointing quarterly results and plans to possibly put itself up for sale.
Earlier this month the Minneapolis company reported that both its first-quarter net income and revenue slid and it suspended its dividend.
On Monday, Supervalu said Chairman Wayne Sales will take on the additional roles of president and CEO.
The 62-year-old Sales has been a board member since 2006.
Supervalu brought in Herkert, a former Wal-Mart Stores Inc. executive, in 2009 to help shake things up. The grocer subsequently put a heavier emphasis on lower prices and tried to position itself as a neighborhood store to draw new shoppers and keep customers.
Supervalu shares fell 2 cents to $1.97 in morning trading.