Supervalu Inc. Annual Meeting of Stockholders Transcript - Thomson StreetEvents

Supervalu Inc. Annual Meeting of Stockholders Transcript

Supervalu Inc. Annual Meeting of Stockholders Transcript - Thomson StreetEvents
Supervalu Inc. Annual Meeting of Stockholders Transcript
Published Jun 25, 2009
18 pages (11975 words) — Published Jun 25, 2009
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Abstract:

Final Transcript of SVU shareholder or annual meeting, 25-Jun-09 10:00am CT

  
Brief Excerpt:

...Burt Fealing Supervalu Inc. - VP, Corporate Secretary, Chief Securities Counsel Jeff Noddle Supervalu Inc. - Executive Chairman Craig Herkert Supervalu Inc. - CEO Pam Knous Supervalu Inc. - EVP, CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

  
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10:00am CT
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The following is excerpted from the question-and-answer section of the transcript.

(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)

Question: Stephanie Corrigan - People for the Ethical Treatment of Animals - Senior Marketing Coordinator: Hi, Mr. Chairman. I'm Stephanie Corrigan representing PETA and I'd like to ask a question regarding Supervalu's position on controlled-atmosphere killing, also known at CAK. In terms of animal welfare, CAK is the best slaughter technology available. It is USDA-approved and has the complete support of top poultry experts in North America and the UK. Among these experts is Temple Grandin, who I know works with Supervalu on animal welfare issues. Currently, Supervalu suppliers use the electronic immobilization method of slaughter. With this method, birds are paralyzed with an electric shock. They have their throats slit while they're still conscious and are then defeathered in scalding hot water. Birds suffer broken bones, bruising, and hemorrhaging when they are dumped and shackled, which lowers product quality and potential profit. In addition, birds are often scalded to death in defeathering tanks. When this happens, they frequently defecate in the tanks and this increases product contamination and again, decreases profits. Because frustrated workers handle live birds, they often abuse the animals. Frightened birds flap their wings, they kick workers, they vomit and defecate on them, increasing working injuries and illness and increasing poor overall working conditions. This leads to high company payouts and an extremely high turnover rate. Each time PETA has investigated a poultry slaughter house, we have found the same horrific abuses over and over again, which could have completely been avoided had CAK been used. And cruelty, as you know, affects business. Within a few days of PETA's investigation into the Pilgrim's Pride plant, the company's stock dropped by 10%. With CAK, birds are placed in chambers while they are still in their transport crates, their oxygen is replaced with low levels of carbon dioxide, which effectively and gently puts them to sleep. Because the workers never handle the live birds, working conditions improved significantly, injury and illness rates for workers decreased, and the opportunities for workers to abuse live birds are eliminated. Because there is no live dumping or live shackling, product quality as well as animal welfare are generally improved and rates of contamination decrease. This means if Supervalu's suppliers switched to CAK they would have a better quality product at a lowercost.Myquestionis,Mr.Chairman,whenwillSupervalumakethesociallyandeconomicallyresponsibledecisiontoswitch the purchasing preference to this proven technology?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Steve O'Rourke - - Shareholder: I'm Steve O'Rourke. I'm a shareholder. I'm simply curious about the response of Supervalu to some of the competition. I shop quite a bit at other stores -- Wal-Mart and certainly lately have spent a lot of time going through the Aldi chain and smaller footprint, very aggressive -- I hear their called ankle biters -- but they are quite full and I know that they are building aggressively and they're doing quite well. I'm just curious if you have any insights or responses to that. Thank you.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Yerwood Hollis - - Shareholder: [Yerwood Hollis] from Minnetonka. The previous speaker asked my question, but I didn't hear a response to the competition from say Wal-Mart and Target.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: Kevin Daly again on behalf of Mr. Gerald Armstrong, shareholder. He does have a concern -- a significant concern -- on the executive compensation and newly elected Director and Chief Executive Officer, Mr. Herkert, proxy statement indicates that he owns no shares. Mr. Armstrong would like to know what are his intentions in purchasing shares? Will there be a meaningful and significant investment on his part as opposed to a corporate handout? What is his compensation? I know you mentioned earlier that generally you don't disclose that type of information. AcouplemorequestionsandI'llletyourespond.Whatwaspaidtothethird-partyexecutivesearchfirmtofindhim?Anysign-on payments? Why couldn't someone from within the organization have been found, possibly on a less expensive basis? And then relative to future governance issues, are there any governance-related changes anticipated by Mr. Herkert?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: Any governance, any changes to governance initiatives?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: Governance.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Dan Panchen - - Shareholder: Good morning. I'm Dan Panchen, a shareholder from St. Paul. Earlier this week, I was intrigued to see that Hormel came out with Shop Smart, Live Well. It's a multi-page consumer guide to selecting foods -- not just meats -- that are healthy, high quality, and reasonably priced. Seems like a smart and timely action. I'm wondering if Supervalu has plans for anything similar or if you have plans to distribute the Hormel guide?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Roberta Mark - - Shareholder: Yes.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Roberta Mark - - Shareholder: I have a -- Oh. Roberta Mark. I'm a shareholder from Minneapolis. Food safety has been a lot in the news what with the contamination of cookie dough and, I guess a while back, spinach. Now, does Supervalu -- taking any special steps or do you have a special program to ensure safety or just comment generally?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: Thank you. It didn't seem like anyone else was going to address --

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: I'm actually Kevin Daly, representing Gerald Armstrong.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: Kevin Daly - - Shareholder Representative: Okay, thank you. And this is the last question. Relative to the KPMG, a member of the Audit Committee is Irwin Cohen, former partner of Deloitte and Touche, which is a former accounting firm for Albertsons, Countrywide Financial, and Washington Mutual. How is he able to look at our audit practices objectively when his former firm failed in its reasonable standards for audits of Countrywide and Washington Mutual? And finally, the auditors for Supervalu, KPMG, was also present at Wachovia. How did our board measure their conduct there to be sure that things are being done differently here?

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman


Question: James Adams - - Shareholder: James L. Adams, a shareholder. I'd like to thank Supervalu for using this spot for their annual meeting. We have defibrillators all over the building. We have a fire station around the corner if we need aid and we are close to public transportation, those who can't drive anymore, close to public transportation. We have hotels for the man from New York. We have a hotel within walking distance. I might add, when you go home pick up a couple of suits in Minnesota because we have no sales tax. Save a few bucks here. And I want to thank Supervalu for incoming donations to the Minnesota Heroes of the Vietnam Area and I want to thank Cub Foods for also providing their parking lots for postal workers -- we had a food drive, let's put it that way. So far we -- up to a billion pounds of food we've raised thanks to Supervalu. Thank you, thank you, thank you.

Answer By: Jeff Noddle - Supervalu Inc. - Executive Chairman

Table Of Contents

Supervalu Inc. Q2 2010 Earnings Conference Call Summary – 2009-10-20 – US$ 54.00 – Edited Brief of SVU earnings conference call or presentation, 20-Oct-09 9:00am CT

Supervalu Inc. at Goldman Sachs Retailing Conference Transcript – 2009-09-10 – US$ 54.00 – Final Transcript of SVU presentation, 10-Sep-09 3:00pm ET

Supervalu Inc. at CanaccordAdams Global Growth Conference Transcript – 2009-08-13 – US$ 54.00 – Final Transcript of SVU presentation, 13-Aug-09 9:00am ET

Supervalu Inc. Q1 2010 Earnings Conference Call Summary – 2009-07-28 – US$ 54.00 – Edited Brief of SVU earnings conference call or presentation, 28-Jul-09 9:00am CT

Supervalu Inc. Q1 2010 Earnings Conference Call Transcript – 2009-07-28 – US$ 54.00 – Final Transcript of SVU earnings conference call or presentation, 28-Jul-09 9:00am CT

Supervalu Inc. at Barclays Capital Retail and Restaurant Conference Transcript – 2009-04-29 – US$ 54.00 – Final Transcript of SVU presentation, 29-Apr-09 9:30am ET

Supervalu Inc. Q4 2009 Earnings Conference Call Summary – 2009-04-23 – US$ 54.00 – Edited Brief of SVU earnings conference call or presentation, 23-Apr-09 9:00am CT

Supervalu Inc. Q4 2009 Earnings Conference Call Transcript – 2009-04-23 – US$ 54.00 – Final Transcript of SVU earnings conference call or presentation, 23-Apr-09 9:00am CT

Supervalu Inc. Q3 2009 Earnings Conference Call Summary – 2009-01-07 – US$ 54.00 – Edited Brief of SVU earnings conference call or presentation, 7-Jan-09 9:00am CT

Supervalu Inc. Q3 2009 Earnings Conference Call Transcript – 2009-01-07 – US$ 54.00 – Final Transcript of SVU earnings conference call or presentation, 7-Jan-09 9:00am CT

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Thomson StreetEvents. "Supervalu Inc. Annual Meeting of Stockholders Transcript" Jun 25, 2009. Alacra Store. Sep 20, 2019. <http://www.alacrastore.com/thomson-streetevents-transcripts/Supervalu-Inc-Annual-Meeting-of-Stockholders-T2228573>
  
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