SUPERVALU Inc. SVU has been making several management changes recently. As a part of those recent changes, the company announced that its subsidiary Save-a-Lot’s President Ritchie Casteel is stepping down effective Mar 11.
The discount retailer also announced in a regulatory filing on feb 26that it does not intend to find any replacement for the post.
Casteel had been serving as the CEO as well as the President of Save-a-Lot 2013.
This January, SUPERVALU filed a regulatory statement to the U.S. Securities and Exchange Commission stating that it plans to spin off the Save-A-Lot business into a separate, publicly traded entity. Notably, the company started the process last July. SUPERVALU stated that its shareholders will get at least 80.1% of the new company.
The company believes that post spin-off both the entities will be able to focus better on their respective businesses and growth opportunities.
Save-A-Lot had 441 company-owned stores and 901 licensee-operated outlets at the end of Sep 12, 2015 and about $4.6 million in net sales in fiscal 2015. SUPERVALU garnered $13.1 billion in non-Save-A-Lot revenues last year.
SUPERVALU carries a Zacks Rank #3 (Hold).
Some better-ranked food company stocks are Con Agra Foods, Inc. CAG, Campbell Soup Co. CPB and Post Holdings Inc. POST. While Campbell Soup sports a Zacks Rank #1 (Strong Buy), ConAgra and Post Holdings has a Zacks Rank #2 (Buy).
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