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Supervalu Offers Retention Pay

MINNEAPOLIS — Supervalu here said it has offered retention agreements to some key executives as the company investigates a possible sale and seeks to revamp its positioning in the market.

The company agreed to pay Janel Haugarth and Sherry Smith $750,000 each and Andrew Herring $500,000 in increments through the next two years. Haugarth is executive vice president, merchandising and logistics; Smith is EVP and chief financial officer; and Herring is EVP, real estate, market development and legal.

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The retention agreements were disclosed in the company’s quarterly earnings filing with the Securities and Exchange Commission on Monday.

In addition, the filing disclosed that Craig Herkert, president and chief executive officer, was granted options to purchase 346,875 shares of stock; Smith and Haugarth were granted options to purchase about 150,000 shares each; and Herring was granted options to purchase 125,000 shares. The options have an exercise price of $2.28 per and become exercisable in three increments over the next three years.

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TAGS: News Supervalu
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