Impatient Activist Investor Seeks To Reshape Supervalu Board

Blackwells Capital LLC has nominated six candidates to the Supervalu board of directors, which has a total of nine seats. The activist investor, which holds a 4.9% interest in Supervalu, is pursuing multiple avenues to generate value for shareholders, including the potential sale of either the wholesale or retail business. Board members will be elected at the company’s annual meeting, which has not yet been scheduled.

The investment firm began pressing Supervalu in October 2017 to shed stores and bring in new leadership, according to the Wall Street Journal. Blackwells also has tried to persuade the company to break itself up and explore a sale.

Several of the board nominees have backgrounds in food, including Richard Anicetti, former CEO at The Fresh Market and Food Lion; Robert Kreidler, former CFO and EVP at Sysco Corp. and EVP, CFO and Chief Customer Officer at C&S Wholesale Grocers; Frank Lazaran, former CEO and President at Marsh Supermarkets and Winn-Dixie; and Sandra Taylor, former SVP of Corporate Social Responsibility at Starbucks.

However, these candidates are unlikely to reinforce the status quo, according to Ryan Matthews, Founder and CEO at Black Monk Consulting. They are being…