Supervalu CEO's 2010 pay package valued at $10.8M

Portland, Ore. Supervalu CEO and president Craig Herkert received compensation valued at $10.8 million in his first year at the company.

The chain appointed Herkert, a former Wal-Mart Stores executive as its leader in May. He replaced Jeff Noddle, a more than 30-year employee at Supervalu who had served as its CEO since 2001. Noddle stayed on as an executive chairman of the company.

Herkert's 2009 pay package was significantly larger than Noddle's during his last year as CEO, as he failed to earn a performance-based bonus and received a package worth $4.1 million.

Herkert received a salary of $653,846 and a performance-based cash bonus of $398,183. He received $956,325 in other pay, including $587,000 for costs associated with moving to Minnesota and joining the company.

The bulk of his pay package came from stock options and restricted stock worth nearly $8.9 million then they were granted.