SUPERVALU CFO to Resign in May

No new CFO has been named. Its general counsel, who is also leaving, will be replaced by Karla Robertson.

By Rich Smith – Apr 4, 2013 at 1:05PM EST

Barely a week after announcing plans to lay off 1,100 workers, newly slimmed down grocer SUPERVALU (SVU +0.00%) added one more pink slip to the pile yesterday: its own CFO.

Yes, on Wednesday, the Eden Prairie, Minn.-based supermarketeer confirmed that that after a 26-year career with the company, CFO Sherry Smith is departing SUPERVALU at the end of May. No replacement has yet been named.

Also departing that month will be General Counsel Todd Sheldon, who is being replaced by Karla Robertson. Robertson receives the title of "executive vice president for legal" for now. As soon as Sheldon is out, though, she will be promoted further to the titles of "executive vice president, general counsel, and corporate secretary," which Sheldon currently holds.

After initially declining on the news yesterday, SUPERVALU shares are back on the rise again today, up 1.8% at $4.78.

Rich Smith is a contributing Motley Fool defense and stock market analyst covering publicly traded and emerging companies in defense, space, aerospace, and other sectors. Prior to The Motley Fool, Rich practiced international corporate law for Clifford Chance in Russia, and for the Russian-Ukrainian Legal Group in Moscow, Kyiv, and Washington, D.C. He holds a bachelor’s degree in international relations from the College of William & Mary, a law degree from the University of Baltimore, and a language certification from the International Institute of Russian Language & Culture in Tver, Russian Federation. The Globe and Mail once featured him as “one of the best stock pickers since 2009.”

TMFDitty

@RichSmithFool

SUPERVALU CFO to Resign in May

Read Next

About the Author

Stocks Mentioned

Premium Investing Services