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Subject:  SVU's new CEO and position decisions Date:  7/30/2012  8:03 PM
Author:  TMFGebinr Number:  747 of 1280

Hi everyone,

As you may have heard, SVU's board of directors today fired Heckert (the CEO brought in after the Albertson's purchase to turn the situation around) and appointed Wayne Sales, the chairman as the new CEO. Here's a look at the letter he sent employees today:

Besides the obvious "let's all get together" stuff, there's not much there. Heckert had a plan, was accelerating the plan, but now he's out. The board brought in the external banks for strategic alternatives and now the chairman is the CEO.

Here's another piece on Sales:

Here's Sales' bio from Capital IQ: Mr. Wayne C. Sales served as the Chief Executive Officer and President of Canadian Tire Corp. Ltd from 2000 to April 27, 2006. Mr. Sales is a retail executive with more than 35 years of experience. Mr. Sales has an extensive experience within the retail industry, where he held senior positions in merchandising, buying and regional store operations management with a major U.S. retailer. Prior to joining Canadian Tire in 1991, he held senior leadership roles with Kmart Corporation in marketing, merchandising and operations. He served as an Executive Vice President and Senior Vice President at Canadian Tire Retail. He serves as Non Executive Chairman of SUPERVALU Inc. Mr. Sales served as Vice Chairman of Canadian Tire Corporation Ltd since April 4, 2006. 2000. Mr. Sales has been a Director of Albertson's Inc. since June 22, 2005, Supervalu Inc. since June 28, 2006, Georgia Gulf Corp. since September 17, 2007, Discovery Air Inc. since August 2008, Tim Hortons Inc. since 2006 and New Albertsons Inc. since June 22, 2005. He serves as a Director of Canadian Tire Financial Services Limit