SuperValu CEO Mark Gross to Step Down After UNFI Acquisition
MINNEAPOLIS, MN - SuperValu’s current CEO, Mark Gross, will be stepping down from his position with the company, effective following the closing of UNFI’s acquisition of SuperValu.
Documents filed with the Securities and Exchange Commission outlined an agreement to “prohibit Mr. Gross from engaging in activities relating to the grocery wholesale business and SuperValu’s grocery retail businesses."
Gross first joined SuperValu as CEO in February 2016, leading the retailer through some pretty tumultuous waters. In the span of his two-year run, Gross manned the helm as the retailer restructured, sold some of its retail banners, acquired additional banners, and went head-to-head with investor Blackwells Capital, with an agreement reached between the two just this week.
“We have been executing an ambitious strategic transformation for over two years. We believe that this transaction is the best and natural next step for our stockholders, customers, and employees. I am very proud of the unwavering commitment and focus of our employees in driving our strategic transformation and serving our customers. I am confident that, together, SuperValu and UNFI will be well positioned to succeed—and to help our customers succeed—in today’s grocery landscape,” Gross said in a press release as the news of UNFI’s acquisition broke.
Gross has not yet released a statement about his departure, specifically.
For the full details on Gross’s departure and to read the documents filed with the Securities and Exchange Commission, click here.