Save-A-Lot taps grocery vet as CEO as it continues to prepare for possible spin-off
Save-A-Lot, the deep-discount division of grocery giant Supervalu, on Wednesday named a supermarket veteran with more than 30 years of experience as its new CEO. Eric Claus, 59, takes the reins of Save-A-Lot after spending the past two-plus years as chairman, president and CEO of Red Apple Stores Inc., a chain of value retail stores based in Canada.
In July 2015, Supervalu announced it was exploring a possible spin-off of Save-A-Lot into a stand-alone public company. The retailer on Wednesday said it is continuing those preparations, but added “there was no assurances that a separation or spin-off of Save-A-Lot will occur, or that any other changes in the company’s overall operations will happen.”
“I’m very pleased that Eric is joining our Supervalu team to serve as CEO of Save-A-Lot,” stated Sam Duncan, Supervalu president and CEO. “He has a great background in food retailing, and is a smart and charismatic leader. His strengths in and experience with the hard discount format as well as his history leading retail companies will be important as we look to finish our fiscal year strong and as we continue to position Save-A-Lot for the future.”
“Eric brings tremendous experience to Save-A-Lot," added Jerry Storch, Supervalu non-executive chairman. "The Supervalu board of directors is looking forward to Eric adding his strategic and long-term planning capabilities to the Company and working together on our continued exploration of a potential separation of Save-A-Lot.”
Claus is expected to start in his role with Save-A-Lot on or before Jan. 4, 2016.
Supervalu also announced that, effective with the start of Claus’ employment with the company, Ritchie Casteel will serve as president of Save-A-Lot, reporting to Claus, and will continue to oversee day-to-day store operations while working closely with Claus on Save-A-Lot’s market development, store growth plans and preparation for the possible spin-off of Save-A-Lot.
Claus has spent more than 30 years in the retail industry with career stops in both the United States and Canada, where he has gained deep experience in both hard discount and grocery retail. He has served as CEO for Co-Op Atlantic, president and CEO at the Great Atlantic & Pacific Tea Company (A&P), first in the Canadian division and then overseeing the U.S. operations from 2005-2009, and as an advisor to private equity firms on the retail and consumable goods industry.