http://finance.yahoo.com/news/supervalu-fires-ceo-taps-chairman-161206149.html
Supervalu Inc. on Monday fired its CEO and tapped Chairman Wayne
Sales to lead its turnaround efforts, just weeks after the grocer
reported dismal quarterly results and suggested it might put itself up
for sale.
The Minneapolis-based operator of Albertson's,
Jewel-Osco and other grocery chains said Craig Herkert, who was brought
in as CEO in 2009 to help shake up things, was notified of his firing
Sunday.
In a letter to employees, Sales vowed to move
more quickly to cut prices and make "tough decisions" regarding
cost-cutting. He said that the company's "biggest enemy" is time.
"I am well aware of what our critics have said
about us," wrote Sales, who has served on the board since 2006. "You are
all familiar with our continued decline in sales, profitability and
share value."
http://www.marketwatch.com/investing/stock/svu
The short covering here should be Epic....we shall see.
Disclosure: Long SVU
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