Business

Supervalu CEO’s Pay Package Shrinks In Fiscal ’11

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MINNEAPOLIS (AP) — Supervalu Inc.’s CEO Craig Herkert earned compensation of nearly $3 million in the grocer’s most recent fiscal year. That’s down from the $10.8 million in the prior year.

Supervalu operates the Albertsons, Jewel-Osco and Save-A-Lot chains.

His salary and option award held steady. And he received no performance bonus or stock awards for the year.

His perks also dropped. He still got more than $100,000 in other pay but received nearly $600,000 to move to Minnesota to join the company last year.

The AP’s calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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