Last updated on December 12th, 2024
Albertsons Cos. and its board of directors elected Jim Donald as the sole independent chair of the board, effective Oct. 24.
The board also appointed Stephen Feinberg for the term expiring at the company’s 2025 annual meeting of stockholders. Cerberus Capital Management L.P. designated Feinberg to the board in accordance with the Stockholders Agreement dated June 25, 2020, after Chan Galbato stepped down from the board on Oct. 22.
Galbato previously was designated to the board in 2021 by Cerberus pursuant to the Stockholders’ Agreement.
“Jim will continue to provide strong leadership as chair of the board. I am excited to welcome Steve to the board, and I thank Chan for his significant contributions,” said CEO Vivek Sankaran.
Feinberg is the co-CEO of Cerberus Capital Management L.P., an investment adviser. Cerberus has about $66 billion of assets under management for investment funds, managed accounts and other investment entities in a variety of asset classes, including private credit, private equity, real estate and various other types of investments. Feinberg has led Cerberus since co-founding it in 1992.
“During the nearly two decades that Cerberus has been invested in Albertsons, the company has achieved tremendous growth and major milestones to become a nationally strong business and leader in its communities,” Feinberg said.
“I want to specifically thank Chan for his tireless work and dedication to the company on behalf of all stakeholders. Chan has been a great partner to the company. I am excited to continue that partnership. I look forward to working with my colleagues on the board and supporting Vivek, his management team and the company as it continues to innovate in the dynamic grocery industry and deliver quality and affordable choices to customers across the United States.”
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Feinberg added, “Cerberus initially invested in Albertsons in 2006, with additional investments in 2013 and 2015 to support significant and strategic value creation opportunities. As a long-term investor in and partner to Albertsons across multiple investments, Cerberus is proud of Albertsons’ performance, and it will continue to be a strong supporter of the company, its talented leadership team and its dedicated associates.”
“As a stockholder in the company, Cerberus reiterates its support for the proposed merger with The Kroger Company based on the compelling value proposition for all stakeholders, including the companies’ customers, associates, communities served by their stores and investors,” Feinberg said. “I am excited to have joined the board to continue driving value for all stockholders and other stakeholders.”
