Supervalu's short-term CEO leaves with $12.8M

  • Article by: MIKE HUGHLETT , Star Tribune
  • Updated: January 26, 2013 - 1:22 PM

The Cerberus deal to buy its four largest supermarket chains means Wayne Sales will get an accelerated payday.

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mickey14Jan. 25, 1310:18 PM

What a joke, it was noted at the start of this guys CEO job he was going to take the company (stock holders) for every penney he could...well let see 5 CEOs have made HUGE goldern parachutes with the Albertson's company in the last 10 years....what a JOKE>>> and to point out each one pushed the company colser and closer to demise.

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MN's loneliest REPJan. 26, 13 2:47 AM

Good leadership at SV lately ??? NOT !!! I empathize with the employees of SV who work everyday...following such weak leadership. It has to be demoralizing to know your efforts are just not going to help.

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rms316Jan. 26, 13 6:43 AM

How does something like this not demoralize your workforce? Company deteriorating and interim CEO makes off with $12MM. Unbelievable.

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dvsdan123Jan. 26, 1311:19 AM

This is exactly what is wrong with corporate America today.

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formergopJan. 26, 1312:52 PM

Sounds like how romney made his money. Take loans out, and take it the majority for yourself. Then the company struggles, and the workers have to take wage cuts. The war on the middle class continues. This should be criminal.

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gwbuddyJan. 26, 13 5:02 PM

How UNFAIR this deal sounds to many former Supervalu employees! We went through Round-after-Round of layoffs. Starting with the loss of the KMart account back in 2001. There were rumors that Mike Wright was forced out as CEO because of the lost KMart business. Actually, every CEO since Mike Wright -- Jeff Noddle, Craig Herkert, and Wayne Sales -- only managed to make Supervalu LOSE even MORE money over the past 12 years. And now Wayne Sales gets a Golden Parachute of 12+ MILLION? No wonder Supervalu ended up in the situation it is in today. They simply spend TOO MUCH money on things that don't help Supervalu's business. Mike Wright must be laughing his head off at how things turned out once he left Supervalu!

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aj11917Jan. 26, 13 5:11 PM

These clowns don't even own the company. If it was privately owned then he or she can take whatever. It is the stockholders who own the company. When are the stockholders going to revolt against this type of class warfare! CEO's & VP's should not get any stock. Give them only a salary and maybe a bonus AFTER 5 years of growth. We need to look long term, not short term profit!

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BallFourJan. 26, 13 8:02 PM

And peeps gripe about Joe Mauer.

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mom2fourJan. 27, 13 6:53 AM

Well, don't blame this guy. Blame the board of directors of SuperValu. These are actions that are part of business. However, the stockholders can and should have plenty to say at the next shareholders meeting. Also, whether they choose to stay invested.

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mnmom74Jan. 28, 13 3:07 PM

Oy. How do some people sleep at night? I have worked at SVU for 20 years. It's been a wonderful place to call a career. I have learned so much about the world of negotiation/collaboration that they cannot teach in class and/or a seminar. We have had countless systems to manage and work through both on the wholesale side and now on the retail side--as a matter of fact, the systems have changed so many times over the last 5 years it could make your head spin. But on top of it all, there has always been an inherent feeling that 'we're all in this together'. Always. That all changed when Craig Herkert took over and SVU went from being a conservative company under Jeff Noddle & Mike Wright where you had to get Director approval to get a Day-Timer (I'm dating myself ) into a company where the Directors have iPads and iPhones because they were the latest and greatest. We went from sitting in the same swivel chair for years to multiple remodels and renaming of the same areas--by the way it is a beautiful, beautiful office. Everyone has laptops and we are in a WE (workplace empowerment) environment, i.e. everyone is remote a worker so collaboration is tricky if you don't know the ropes. Change is good. Change is exciting. Change without the income to back up the expenses is irresponsible. Put on the brakes a few months ago. Someone noticed we weren't making money and stopped bonuses, 401k contributions, raises, anniversary gifts, and free coffee/tea. We all sucked it up for the good of the company that we're so loyal to--it felt like we were focusing on the important things again, so yes, lets do it! Wayne took over and his mantra was 'all in'. Who's 'all in'? Yeah, we are 'all in' except for those at that top. Wayne, Sherry, Janel and Andy. They are not 'all in'. They received retention bonuses in August-standard, I get it. But now another guaranteed bonus when everyone else is in fear of their next move? $23 Million. A pretty impressive sum. That money could go far to reinvest in pricing. Reinvest in store remodels, retain a corporate presence in Minnesota. But alas, the only ones that are truly 'all in' will soon be 'all out'. Pleasant dreams to all 4 of them.

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