Supervalu's chief financial officer leaving in May

Supervalu's chief financial officer to leave in May in latest phase of management shakeup

Associated Press

NEW YORK (AP) -- Supervalu says its chief financial officer is leaving the company as the grocery store operator continues shaking up its management as part of a turnaround push.

After years of financial struggles, the company had announced in January that it was selling off five of its major chains, including Albertson's, Jewel-Osco and Acme.

CEO Sam Duncan has since announced other executive departures and promotions as the company focuses on growing its remaining Save-A-Lot discount stores and regional chains.

On Wednesday, the company said that Sherry Smith, who has been with the company for 26 years and was named CFO in late 2010, would leave at the end of May. A new CFO will be named at a later date.

The sale of Supervalu's chains to Cerberus Capital Management came after years of intensifying competition in the supermarket industry from big-box retailers, drug stores and dollar stores that are expanding their grocery sections.

Supervalu shares added 3 cents to $4.84 in midday trading. The stock has changed hands between $1.68 and $6.78 in the past 52 weeks, and has nearly doubled since the start of the year.

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