Albertsons 2010 Annual Report Download - page 5

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Jeff Noddle
Executive Chairman
Dear Stakeholders,
As I reflect on my 34-year career with SUPERVALU, it fills me with great pride to think of the ground we
have covered. Since I joined the company in 1976, annual revenues have grown from $2 billion to $40 billion,
the employee base has increased from 9,500 to over 160,000, and our footprint has expanded from coast to
coast.
Over this same period, food retailing has changed dramatically — and SUPERVALU has often led the way.
Most recently, and perhaps most importantly, our industry has been transformed by consolidation and the
entrance of new competition. SUPERVALU has been an active participant in this process, doubling its size
with the landmark acquisition of the premier retail properties of Albertsons, Inc. in 2006. Overnight, this
transaction catapulted us to America’s fourth-largest grocery retailer and changed the sales composition of our
business to 80 percent retail and 20 percent wholesale.
As announced last year, I will retire from my position as executive chairman this June. With the transition of
corporate leadership to Craig Herkert now complete, I am confident that Craig and his talented management
team are taking the appropriate steps to serve our customers and position the company for long-term success.
As I end my career with SUPERVALU, I want to express my gratitude for the support our associates,
management team, board of directors and stockholders have provided over the years. It has been a privilege to
serve SUPERVALU and its customers.
Jeff Noddle
Executive Chairman