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Supervalu shells out $12.7M to CEOs in 2012

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During a year when hundreds of company employees were laid off, the three top executives who led Supervalu during the 2012 fiscal year were paid a combined $12.68 million, the Pioneer Press reports.

Craig Herkert, who left the embattled Eden Prairie-based grocer last July, was paid $4.7 million last year.

Wayne Sales, who replaced Herkert as chief executive officer until February of this year, was paid $5.3 million in executive compensation.

Current CEO Sam Duncan was paid $2.7 million, which included a $500,000 bonus and $2.1 million in option awards.

Supervalu sold off five of its supermarket chains in March to an investor group led by Cerberus Capital Management for $3.3 billion.

Shortly after the sale, the company announced it was eliminating roughly 1,100 jobs, including 600 in Minnesota.

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Supervalu fires CEO, names replacement

Supervalu has pushed out CEO Craig Herkert from the struggling Eden Prairie-based supermarket chain, the Associated Press reports. Chairman Wayne Sales will take on the roles of president and chief executive officer as Supervalu explores a possible sale of its operations following disappointing quarterly results.