Blackwells Capital intends to nominate Directors at Supervalu in letter to Board
Blackwells Capital sent a letter to the Board of Directors Supervalu announcing its intention to submit director nominations to the Board in connection with the company's 2018 annual meeting of shareholders. Blackwells also released a presentation detailing its analysis of Supervalu's operations, strategy and finances and a plan to unlock significant value, available at www.savesupervalu.com. With ownership representing approximately 4.35% of Supervalu's common stock and equivalents, Blackwells ranks among the Company's largest shareholders. After meeting multiple times with management, Blackwells met with non-executive Chairman Donald Chappel and President and CEO Mark Gross on January 17, 2017. In that meeting, Jason Aintabi, Managing Partner at Blackwells, communicated shareholders' frustration with Supervalu's performance and the need for real change in the Company's approach to operations, strategy and governance. In addition to proposing concrete steps to unlock value at Supervalu, Blackwells requested representation on the Board of Directors for three Blackwells nominees to help effect this change, as well as the creation of a new Board committee to explore concrete measures of realizing shareholder value. Unfortunately, Supervalu has summarily rejected Blackwells' request. "In the spirit of constructive, open collaboration, Blackwells has made good faith efforts to engage with the Company," said Mr. Aintabi. "The Board's passivity and the Company's persistent underperformance have left us with no alternative but to run an election contest and give shareholders an opportunity to vote for enhanced Board leadership and support a mandate to explore all alternatives to unlock value."