August 17, 2006
SuperValue Makes Multi-Million Dollar Deal with Executive Vice President
Supervalu's website recently listed an agreement that seems extravagant, especially given the company's claims of financial woes due to competition with Wal-Mart and Whole Foods.
According to the agreement, Mr. Kevin Tripp, who joined Supervalu as an Executive Vice-President when they purchased part of Albertson's, will receive $2.6 million if he stays with the company for the next two years. That’s about five times the annual salary he's paid, which is $525K. In addition to that generous bonus, Tripp also received unspecified "change in control" payments from Albertson’s, assumed to be around $500K.
All told, it looks as though Tripp will benefit from Supervalu's generosity to the tune of more than $5 million. Now that UFCW grocery workers nationwide are or will soon be bargaining for a better contract with Supervalu, Tripp's agreement puts the company's resources in a whole new light. Workers won't buy the same old excuses when they know how generous Supervalu can really be.
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