Sean Griffin was on the verge of retiring from United Natural Foods Inc., but then it bought Supervalu Inc. Now he'll become chief executive of the Eden Prairie-based firm as a unit of the combined firms.
United Natural Foods (UNFI) announced the appointment last week when it disclosed its latest financial results. He succeeds Mark Gross, who has led Supervalu for the past two years and is expected to leave at the completion of the $2.9 billion acquisition.
Griffin, who had been chief operating officer at UNFI for the past eight years, announced his retirement in May. But in July, when UNFI's purchase of Supervalu was announced, CEO Steven Spinner asked Griffin to stay on and lead the integration of the two firms.
Last week, Spinner said he was delighted Griffin would stay around even longer to be the post-merger CEO at Supervalu. "Sean has more than 30 years of industry experience," Spinner told investment analysts. "And with him at the helm, we have a high degree of confidence that we'll be able to capitalize on the synergy opportunities and realize the full potential of this transformative combination."
Providence, R.I.-based UNFI finished its latest fiscal year on July 28, announced its fiscal fourth-quarter financial results last Thursday and published its annual report on Monday.
In a conference call with analysts on Thursday, Spinner and Griffin reiterated plans to sell Supervalu's retail businesses, including Cub Foods, the largest grocery chain in Minnesota. They did not give a precise timeline for the sale but laid out financial forecasts for the combined UNFI and Supervalu that did not include retail operations.
"We're confident that we'll be able to exit the retail business successfully," Spinner told the analysts. He said they would aim to have more details by January, when the company is planning a daylong event with analysts and investors.
Spinner mentioned that Supervalu has already sold Farm Fresh and is in the process of selling off nearly half of its Shop 'n Save stores in St. Louis. He did not talk about Cub.