Embattled Acme Markets owner Supervalu Inc. has named its third chief executive in three years, booting onetime Walmart executive Craig R. Herkert and replacing him with board chairman Wayne C. Sales.
The action was taken Sunday and announced Monday by the $36 billion corporation, which has struggled with $6 billion in debt as its mostly traditional supermarket chains have been battered by lower-cost warehouse clubs, dollar stores, and big-box retailers since the stock market crash of 2008.
The leadership change, the second since Jeffrey Noddle was replaced as CEO in May 2009, comes two weeks after Herkert announced that Supervalu would explore the potential sale of some or all of the company, and as shareholders were yet again disappointed with declining sales numbers and profitability. The declines have been going on for years. Shares closed Monday at $2.24.