Supervalu CFO resigns

Supervalu, one of the US's largest wholesalers and retailers, today announced that its chief financial officer Bruce Besanko has tendered his resignation.

Besanko seeks to relinquish his positions as executive vice president, chief operating officer and chief financial officer effective 5 July 2017 to pursue an endeavour outside the company.

The company, which boasted annual sales of approximately $12bn in fiscal 2017 has begun a search for a permanent chief financial officer.

In the meantime, Rob Woseth, the company’s executive vice president and chief strategy officer would assume the additional position of interim CFO, while David Johnson, the vice president and controller, will assume the additional position of interim chief accounting officer

"On behalf of SUPERVALU, I want to thank Bruce for his service over the past four years. Bruce made numerous contributions to this organization, including improvements to the Company’s capital structure that have laid the groundwork for our transformation. We wish Bruce well in his future endeavors," said Mark Gross, President and Chief Executive Officer.

"Rob and David are important leaders at the Company, and I am very pleased that they will assume these interim roles."

SVU shares were edging higher by $2.94 to $2.92 as of 14:25 BST.