SUPERVALU's CFO To Bid Adieu: How Will This Impact Stock?
Zacks Investment Research | Jun 26, 2017 10:01PM ET
SUPERVALU Inc. (NYSE:SVU) recently announced that Bruce Besanko is going to step down from his position as the Chief Operating Officer and Chief Financial Officer effective Jul 5, 2017. The company informed that Besanko, who served the company for four years, would be resigning so as to undertake opportunities outside the firm. However, there are no intimations regarding where Besanko is headed to.
The company informed that David Johnson and Rob Woseth would function as the Interim Chief Financial Officer and Interim Chief Accounting Officer, respectively, for the time being until a permanent Chief Financial Officer gets appointed. Rob Woseth is the Executive Vice President and Chief Strategy Officer at SUPERVALU, while David Johnson is the company’s Vice President.
On the event of Besanko’s departure from the company, Mark Gross, the Chief Executive Officer and President of SUPERVALU has acknowledged the former’s contributions. Mark Gross particularly thanked Bruce Besanko for improving SUPERVALU’s capital structure which would act as the groundwork for future transformations.
Over the last couple of years, the company has been focusing stringently on increasing operating efficiency. Additionally. the company has been focusing on high margin products categories, expanding retail banners and enhancing wholesale business.
The resignation of Besanko may be considered unwelcoming, especially at a time when SUPERVALU has fallen from investors’ good books. We noted that the stock has underperformed the Zacks categorized Original post
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