The board of directors at Minneapolis-based Supervalu Inc. has elected Frank A. (Terry) Savage and Mathew M. Pendo as its latest members.
“Terry and Mathew each bring tremendous business and financial experience to the Supervalu board and we are excited to have them join,” said Gerald Storch, Supervalu's non-executive chairman.
Pedigrees in Finance
Savage is a senior advisor to Lazard Ltd. and the former vice chairman of U.S. investment banking at Lazard. previously, he had served as the co-head of the restructuring practice at BT Alex. Brown Inc. and head of the restructuring group at UBS AG.
Pendo is a managing director at Sandler O’Neill Partners, a boutique investment banking firm focused on the financial services industry. Prior to that, Pendo served as the chief investment officer for the Troubled Asset Relief Program (TARP) at the U.S. Department of the Treasury, from November 2010 until March 2013. He also has held positions with Barclay Capital and Ally Financial Inc. Pendo received a Distinguished Service Award from the U.S. Department of Treasury for his work overseeing the Treasury’s $200 billion TARP investment activities.
Savage and Pendo were appointed as designees of Symphony Investors LLC, a Cerberus Capital Management L.P.-led investor consortium, under the terms of the Supervalu’s sale of five banners to an affiliate of Symphony Investors (Symphony owns 20.9 percent of Supervalu’s outstanding common stock).
Supervalu Inc. operates a network of 3,339 stores composed of 1,819 independent stores serviced primarily by the company’s food distribution business, 1,330 Save-A-Lot stores, of which 948 are operated by licensee owners; and 190 traditional retail grocery stores.