May 6--Supervalu Inc., the Eden Prairie-based supermarket operator with 2,421 locations nationwide, named Craig Herkert, 49, its new chief executive officer today. Outgoing CEO Jeff Noddle, 62, said in a statement that "the time is right" for his retirement.

Herkert, whose starting date has not yet been determined, was president and CEO of the Americas for Wal-Mart, the nation's No. 1 food retailer. He also spent 23 years at the Albertson's Inc., the Boise, Idaho, retailer acquired by Supervalu in 2006.

Noddle, who has spent 33 years at Supervalu, was named CEO in 2001 and chairman of the board in 2002. He steered the company through its largest ever acquisition in 2006: the $17.4 billion purchase of Albertson's Inc. Supervalu paid $3.8 billion in cash and $2.5 billion in stock and took on $6.1 billion in Albertson's debt. Its partners in the deal included Rhode Island's CVS Corp., New York-based Cerberus Capital Management, Kimco Realty and Schottenstein Stores Corp. of Columbus, Ohio.

The deal transformed the 139-year-old Supervalu, doubling its retail outlets while making it the third largest supermarket operator in the country behind Kroger and Safeway. Noddle earned $11.5 million in total compensation -- base salary, bonus pay, miscellaneous pay, stock gains and share vesting -- for the year ended Feb. 28. He will serve as executive chairman for at least one year, the company announced.

Supervalu reported $44.56 billion in sales for its most recent year ended Feb. 28, a 1.17 percent increase from $44.05 billion for the year ended Feb. 23, 2008.

Supervalu employs 180,000 people nationwide. It supplies 5,000 supermarkets with groceries and logistics support. Its retail arm of 13 banners includes Cub, Jewel-Osco, Acme, Albertsons, Save-A-Lot, Shaw's/Star Market and Bristol Farms.

Matt McKinney --612-673-7329

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