Supervalu appoints Wal-Mart executive as CEO

Minneapolis Supervalu on Wednesday announced it has appointed Wal-Mart executive Craig Herkert as its new CEO. Herkert, 49, will replace Jeff Noddle, 62, who served as CEO since 2001 and chairman since 2002.

An official start date for Herkert has not been determined. Noddle will serve as executive chairman of the company for at least one year before he departs.

Herkert has served as president and CEO of Wal-Mart’s Americas region, which includes Canada, Puerto Rico and areas in South and Central America, since 2004. Prior to joining Wal-Mart, Herkert spent 23 years with the American Stores and Albertsons companies.

Noddle was the chief architect of Supervalu’s acquisition of Albertsons in 2006, which more than doubled the company's size. He is also credited with reshaping the company’s supply chain business and making it more efficient. More recently, the chain has found itself battling a perception that it is higher priced than its rivals, which include Wal-Mart and the Kroger Co.

Supervalu said its board began the CEO search more than a year ago.