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Supervalu executives met investors at the company's annual meeting in just 11 minutes in New York Tuesday. 2006 file photo.

Glen Stubbe, Star Tribune

EARLIER: Supervalu holds 11-minute annual meeting

  • Article by: Mike Hughlett
  • Star Tribune
  • July 18, 2013 - 10:18 AM

Maybe Supervalu chairman Bob Miller had big lunch plans Tuesday, when he concluded the company’s annual meeting in New York after only 11 minutes.

Supervalu’s annual meeting Tuesday at the Sheraton hotel in Times Square started at 11:30 a.m. eastern time, and Miller quickly covered the business at-hand. But he made no speech.

You could have walked out to order a quick deli sandwich and missed the whole thing.

Supervalu’s first quarter earnings are due Thursday, and a thorough accounting of business is expected from CEO Sam Duncan. In the past year the company has hit the abyss and then bounced back.

Its shares hit a low last summer of $1.68 but are now near $7 and close to a 52 week high. Earlier this year, the company sold its four largest chains for $3.3 billion to a group led by Cerberus Capital Management.

Cerberus also took a large minority stake in what remained of Supervalu, including regional grocery chains like Cub Foods in the Twin Cities.

 

Mike Hughlett • 612-673-7003

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