Four top-level executives leaving Minnesota-based grocery giant SuperValu are receiving nearly $23 million in "golden parachutes," the Minneapolis-St. Paul Business Journal reports.
In a document filed with the U.S. Securities and Exchange commission, SuperValu revealed that Wayne Sales (pictured), who became the company's CEO last July, will receive $12.8 million -- $8.1 million in cash and $4.7 million in equity -- when he exits the company in March.
Sherry Smith, the company's CFO will receive $3.51 upon her exit, while Janel Haugarth, the president of Independent Business and Business Optimization will get $3.65 million. J. Andrew Herring, executive vice president for real estate, market development and legal, will receive $2.82 million.
News of the golden parachutes comes a little more than two weeks after SuperValu announced that it has sold five of its grocery chains -- which consists of 877 stores -- in a $3.3 billion deal.
The buyer, Cerberus Capital Management, reportedly bought the stores for $100 million, and acquired nearly $3.2 billion in debt.
SuperValu will hang on to its Cub Foods and other smaller chains.