Albertsons makes board changes
Albertsons shared that effective Feb. 21, the board of directors has accepted the resignation of Steve Feinberg as a member of the board in connection with Feinberg’s nomination for U.S. Deputy Secretary of Defense.
Also, effective Feb. 21, the board appointed Frank Bruno to the board. Cerberus Capital Management designated Bruno to the board in accordance with the Stockholders Agreement dated June 25, 2020, by and among the company and Cerberus, following Feinberg’s resignation from the board.
Bruno is the co-CEO of Cerberus, which is an investment adviser registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940. Cerberus has approximately $65 billion of assets under management for investment funds, managed accounts, and other investment entities in a wide variety of asset classes, including private credit, private equity, real estate and various other types of investments.
[Read more: Kroger laying off corporate employees, Albertsons downsizes Safeway workforce]
Vivek Sankaran, CEO of Albertsons said, “Steve has been a significant contributor to the board, and I thank him for his long-standing support to Albertsons Cos. I also congratulate Steve on his pending appointment to the Department of Defense and his service to our country. In addition, I am excited to welcome Frank to the Board, as we accelerate our business strategy to earn Customers for Life.”
Feinberg said, “During the nearly two decades that Cerberus has been invested in Albertsons Cos., the Company has continued to innovate in the dynamic grocery industry and deliver quality and affordable choices to customers across the United States. I know that Frank will continue this partnership with the Company as it advances its work as a nationally strong business and leader in its communities.”
Bruno added: “I am delighted to join the Board of Albertsons Cos. as the leadership team continues to transform the business in an ever-changing consumer landscape. I look forward to supporting the Company, its accomplished leadership team, and its dedicated associates who
[Read more: Albertsons named Drug Store News Pharmacy Innovator of the Year 2022]