EARTH CITY, MO – Ritchie L. Casteel, the President of Supervalu-owned Save-A-Lot, will be ending his employment with the grocery chain on March 11, 2016.
Supervalu, which made the announcement in a filing with the Securities and Exchange Commission on Monday, February 29, said that it does not intend to hire a replacement. No other information was given regarding Casteel’s departure from the company.
According to the filing, Casteel will be eligible for severance benefits in accordance with Supervalu’s Executive & Officer Severance Pay Plan. As described in Supervalu’s proxy statement, Casteel could receive up to $1.29 million for termination without cause.
Casteel has worked in the food retailing business for over 40 years, beginning his career as a courtesy clerk for Albertsons’ Southern California Division. Over the next 33 years, he was promoted to various positions of increasing responsibility in areas of merchandising and operations, including Vice President of Operations for Albertsons’ Intermountain West Division.
Prior to joining Save-A-Lot in 2013, Casteel also worked for Associated Retail Stores, ShopKo, and Grocery Outlet.
As we previously reported, Supervalu is currently exploring strategic options for its Save-A-Lot chain, including possibly spinning off the business as a publicly-traded company.
As of September 12, 2015, Save-A-Lot’s store and distribution network encompasses over 1,300 corporate and licensed stores in 38 states, the Caribbean and Central America, and 17 wholesale distribution centers.
