Supervalu has elected Frank (Terry) Savage and Mathew Pendo to its board of directors.
Savage and Pendo were both appointed to the board as designees of Symphony Investors, a Cerberus Capital Management-led investor consortium, under the terms of the tender offer agreement entered into with Symphony Investors and Cerberus in connection with Supervalu’s sale of five banners to an affiliate of Symphony Investors. Symphony Investors owns approximately 20.9% of Supervalu’s outstanding common stock.
Savage is currently a senior advisor to Lazard and the former vice chairman of U.S. Investment Banking at Lazard.
Pendo is currently a managing director at Sandler O’Neill Partners, a boutique investment banking firm focused on the financial services industry.
The board now has 11 members, nine of whom are independent directors under the New York Stock Exchange listing standards.