Supervalu Inc, the US retailer, has said that it is reducing the size of its board from 15 to 12 directors.
In an announcement today (20 April), the company said that it would replace just two of the five board members that are leaving the retailer.
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Jeff Noddle, current chairman of the board and former Supervalu CEO, will be retiring effective at the company’s annual meeting in June. Noddle announced his retirement from Supervalu last May.
Other board members to retire from the company will include Lawrence Del Santo and Garnett Keith Jr. In addition, Gary Ames and Marissa Peterson, whose terms would expire in 2011, have voluntarily resigned.
The board said that it is nominating Matthew Rubel, chairman, CEO and president of shoe retailer Collective Brands and Donald Chappel, SVP and CFO of energy group The Williams Companies, for election to the board.
The board added that it expects to name Wayne Sales, Supervalu director and retired vice chairman of Canadian Tire Corporation, to the newly created position of non-executive chairman following the annual meeting.
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