Albertsons Companies Inc. has announced a CEO succession plan under which Susan Morris, EVP and chief operations officer, will assume the role following the planned retirement of Vivek Sankaran, effective May 1.
During the transition period, Morris will work closely with Sankaran to continue executing the company’s “Customers for Life” strategy. On the effective date, Morris will join the Albertsons Cos. Board of Directors, replacing Sankaran.
“Over the past several years, the board has engaged in a thoughtful and comprehensive succession planning process to identify Albertsons Cos.’ next CEO, including evaluating internal and external candidates,” said Jim Donald, chair of the Albertsons Cos. Board of Directors. “The board is confident that Susan is the ideal person to lead the company into its next chapter of growth.
“With a nearly 40-year career at the company that began at an Albertsons store in the Denver market, Susan brings unmatched expertise and deep knowledge of the business. She is highly respected across the organization and industry, with a strong track record of operational success and passion for serving our customers and communities.”
Morris said she is honored to be appointed to the role “at a time of profound change for the grocery industry.”
“I have worked closely with Vivek and the leadership team on our plans to accelerate growth and am confident that we are on the right path with our ‘Customers for Life’ strategy,” she said. “I look forward to participating in the fiscal Q4 earnings call, where we will discuss our strategy and provide our fiscal 2025 outlook.
“Albertsons Cos. has an incredibly bright future and the best team in the business. I am energized about the many opportunities that lie ahead.”
Donald added that the board is grateful for Sankaran’s “exceptional” leadership over the past six years, which included managing Albertsons Cos.’ response to the COVID-19 pandemic and navigating the company through challenging industry dynamics.
“During the past two years, [Sankaran] led continued investment in the business and drove our ‘Customers for Life’ strategy, positioning Albertsons Cos. on strong financial footing for its next chapter of growth,” he said. “We are grateful for his continued commitment to the Company during this transition period and his mentorship of and collaboration with Susan.”
Sankaran said it has been “a privilege” to lead Albertsons Cos. and is confident in the company’s future with Morris at the helm.
“Susan embodies the best of Albertsons Cos.’ culture, with a strong track record of leading and building high performance teams,” he said. “I have no doubt in her ability to usher in a new phase of growth and improve our value proposition with customers and the communities where we operate.”
Morris is industry veteran
Morris has served as the company’s EVP and chief operations officer since January 2018. In this role, she leads the company’s retail operations, overseeing more than 2,200 stores across 34 states.
She has nearly 40 years of experience in the retail grocery industry and has held a variety of leadership roles across the company. Her experience includes serving as EVP of regional operations, division president in two markets and various other roles across merchandising and operations.
She serves on the board of directors of IDACORP Inc. and the Food Marketing Institute.
Morris is a graduate of Colorado State University. She has been recognized numerous times for her leadership in the grocery industry.
Company Reaffirms Fiscal 2024 Outlook
Albertsons Cos. also reaffirms its Fiscal 2024 Outlook, as shared in the third quarter earnings announcement on Jan. 8:
- Identical sales growth in the range of 1.8 percent to 2.0 percent;
- Adjusted EBITDA in the range of $3.95 billion to $3.99 billion;
- Adjusted net income per Class A common share in the range of $2.25 to $2.31 per share;
- Effective income tax rate in the range of 15 percent to 16 percent; and
- Capital expenditures in the range of $1.8 billion to $1.9 billion.
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About Albertsons Companies
Albertsons Companies operates 2,273 retail food and drug stores with 1,732 pharmacies, 405 associated fuel centers, 22 dedicated distribution centers and 19 manufacturing facilities.
The company operates stores across 34 states and the District of Columbia under more than 20 banners, including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets and Balducci’s Food Lovers Market.