Last updated on April 5th, 2017 at 03:10 pm
Save-A-Lot CEO Eric Claus and Onex, the company’s controlling shareholder, have “mutually agreed to part ways” as the discount chain has appointed former Lidl leader Kenneth McGrath its new chief executive, effective April 21.
“We want to thank Eric for his contributions to Save-A-Lot over the past year,” said Matthew Ross, chairman of Save-A-Lot’s board of directors and managing director at Onex. “Eric is an outstanding retailer and led Save-A-Lot through a difficult separation process.”
McGrath spent 13 years with Lidl in executive roles, including CEO of Lidl Ireland from 2009-13 and CEO of Lidl USA from 2013-15. During his tenure as CEO of Lidl Ireland, McGrath oversaw a period of “exceptional customer and revenue growth while also maintaining a cost leadership position within Lidl’s global operations,” according to press release from Save-A-Lot announcing McGrath’s appointment. McGrath was then selected by Lidl to spearhead the company’s market entry into the U.S. before leaving to become CEO of the Caribbean and Central America region at wireless telecommunications firm Digicel where he had responsibility for 26 markets comprising $2 billion in annual sales.
“We are thrilled that Kenneth has chosen to lead Save-A-Lot as we chart a new course for the company after its separation from Supervalu. Kenneth is a strong executive that brings to Save-A-Lot tremendous experience in hard discount retailing. He is highly capable of building a world-class organization, investing in the company’s capabilities and systems, and returning Save-A-Lot to industry-leading growth by leveraging its unique market position.”
Added McGrath, “The opportunity to lead Save-A-Lot at this exciting phase is a real privilege. Save-A-Lot has a proud history of delivering exceptional value to its customers throughout the U.S. I am looking forward to working with Save-A-Lot’s dedicated associates and licensees to serve customers in ways that enhance their experience and, in doing so, driving a period of sustained growth for the organization.”