Supervalu to Dole Out $22.78 Million to Top Execs
Minneapolis, MN-
By ANUK Staff
1.29.13
Supervalu recently announced a $3.3 billion deal changing control of the company. It’s top executives haven’t been neglected - four are receiving a total of $22.78 million with CEO Wayne Sales getting more than half, according to the St. Paul Business Journal.
Sales, CEO since last July, will receive $12.8 million when he leaves the company after the deal closes this quarter, according to documents filed with the U.S. Securities and Exchange Commission.
The document outlined the compensation for Eden Prarie-based Supervalu’s new CEO, Sam Duncan who is to receive a $500,000 signing bonus on top of a $1.5 million dollar salary. He is also eligible for stock options and bonuses.
Sales will leave the company when the deal with Ceberus Capital Management closes in the end of March. Ceberus purchased Supervalu’s four largest grocery chains and 30% of the company.
Sherry Smith, CFO, will receive $3.51 million; Janel Haugarth, President of Independent Business and Business Organization, will receive $3.65 million; and J. Herring EVP for Real Estate, Market Development, and Legal will receive $2.82 million.
The executives will see the money upon termination from their positions within two years of the date the sale of the company closes. All three also had received retention bonuses in August.
