The Board of Directors of SUPERVALU INC. (NYSE:SVU) today voted to
declassify the Company's Board of Directors. As a result of this action,
beginning with the 2009 Annual Meeting of Stockholders, directors will
be elected annually for terms expiring at the next annual meeting of
stockholders. Directors whose term expires at the 2010 Annual Meeting of
Stockholders or the 2011 Annual Meeting of Stockholders will continue to
hold office until the end of the term for which they were elected. From
and after the 2011 Annual Meeting of Stockholders, all directors will
stand for election annually.
"The board and management are committed to the highest standard of
corporate governance at SUPERVALU,” said Jeff Noddle, Chairman and CEO
of SUPERVALU Inc.
About SUPERVALU INC
SUPERVALU INC. is one of the largest companies in the United States
grocery channel with estimated annual sales of $45 billion. SUPERVALU
holds leading market share positions across the U.S. with its
approximately 2,475 retail grocery locations. Through SUPERVALU's
nationwide supply chain network, the company provides distribution and
related logistics support services to more than 5,000 grocery endpoints
across the country. SUPERVALU currently has approximately 192,000
employees. For more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF "SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Except for the historical and factual information contained herein,
the matters set forth in this news release, particularly those
pertaining to SUPERVALU’s expectations or future operating results,
statements as to the progress and expected benefits of the combination
of the operations of Albertson’s, Inc. that were acquired in June 2006
with those of SUPERVALU, such as efficiencies, cost savings, synergies,
market profile and financial strength, and the competitive ability and
position of the combined company, and other statements identified by
words such as "estimates," "expects," "projects," "plans," and similar
expressions are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including the impact of economic and industry conditions, competition,
security and food and drug safety issues, the integration of Albertsons
operations, store expansion and remodeling, liquidity, labor relations
issues, escalating costs of providing employee benefits, regulatory
matters, self insurance,
legal and administrative proceedings,
information technology, security, severe weather, natural disasters and
adverse climate changes continued provision of transition support
services and accounting matters and other risk factors relating to our
business or industry as detailed from time to time in SUPERVALU's
reports filed with the SEC. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. Unless legally required, SUPERVALU undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.