According to documents filed with the SEC, Supervalu is giving $22.78 million in “golden parachutes” to four executives, including CEO Wayne Sales. Sales will receive $12.8 million, about two thirds of which will be in cash.
Sales replaced Craig Herkert as CEO last July, and is expected to leave the company when the $3.3 billion deal with a group led by Cerberus Capital closes at the end of March. The deal will result in the sale of five Supervalu brands, including Albertsons and Acme.
Documents also revealed that new CEO Sam Duncan will receive an annual salary of $1.5 million along with a signing bonus of $500,000. He is also eligible for bonuses and stock options.