Supermarket chain Supervalu Inc. has ousted its CEO, the company said in a statement today. Craig Herkert has been been replaced as CEO in favor of the company’s chairman, Wayne Sales. Herkert was formerly Walmart’s president and CEO of the Americas from 2004 to 2009. Wayne Sales, previously the CEO of Canadian Tire Corp Ltd, has stated that his first order of business will be to reduce costs for the company. Despite being appointed to both president and chief executive, Sales will continue to serve as chairman as well.Supervalu is the third largest supermarket chain in the United States. The chain recently reported a decline in earnings of 45% in the last quarter and was considering a sale of part or the entirety of the company. For more on this story and analysis of the business world follow us on twitter @FNNOnline.