MINNEAPOLIS — Sam Duncan, president and chief executive officer of Supervalu Inc., plans to retire early next year.

Duncan, 63, is due to step down on February 29. A search for a new CEO has begun, within and outside the company, Supervalu said.
Previously CEO of OfficeMax, Duncan became Supervalu’s CEO in February 2013 after the company closed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market supermarket chains and their Osco and Sav-on in-store pharmacies to AB Acquisition LLC, the parent of Boise, Idaho-based Albertsons and an affiliate of an investor consortium.

Supervalu also announced that executive vice president and chief financial officer Bruce Besanko has been promoted to the newly created role of executive vice president and chief operating officer, and Susan Grafton has been promoted to executive vice president and CFO.

As COO, Besanko will retain oversight of the finance function and assume supervision of the independent food business operations, retail food banners, and Supervalu’s merchandising, marketing and pharmacy functions. Grafton previously was senior vice president of finance and chief accounting officer.

Supervalu’s retail operation comprises 1,335 Save-A-Lot discount food stores and 197 supermarkets under the Cub Foods, Farm Fresh, Shoppers Food & Pharmacy, Shop ’n Save and Hornbacher’s banners, which include over 150 pharmacies.