Albertsons Companies, Inc. Announces Changes to Board of Directors

Rhea-AI Summary

Albertsons Companies (NYSE: ACI) announced changes to its Board of Directors effective February 21, 2025. Steve Feinberg has resigned from the Board in connection with his nomination for U.S. Deputy Secretary of Defense. The Board has appointed Frank Bruno, Co-Chief Executive Officer of Cerberus Capital Management, as his replacement.

Bruno's appointment aligns with the Stockholders Agreement dated June 25, 2020, between Albertsons and Cerberus. Cerberus, a registered investment adviser, manages approximately $65 billion in assets across various classes including private credit, private equity, and real estate.

CEO Vivek Sankaran expressed gratitude for Feinberg's contributions and welcomed Bruno, emphasizing the company's focus on accelerating their business strategy to earn Customers for Life.

Positive

• Appointment of experienced financial executive Frank Bruno (Cerberus Co-CEO) to the Board
• Maintained strong relationship with Cerberus Capital Management ($65B AUM)

Negative

• None.

Steve Feinberg Resigned as a Member of the Board

Frank Bruno Appointed as a Member of the Board

BOISE, Idaho--(BUSINESS WIRE)-- Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today announced that effective Feb. 21, 2025, the Board of Directors (the “Board”) has accepted the resignation of Steve Feinberg as a Member of the Board in connection with Mr. Feinberg’s nomination for U.S. Deputy Secretary of Defense.

Also, effective Feb. 21, 2025, the Board appointed Frank Bruno to the Board. Cerberus Capital Management, L.P. (together with its affiliates, “Cerberus”) designated Mr. Bruno to the Board in accordance with the Stockholders Agreement dated June 25, 2020, by and among the Company and Cerberus (the “Stockholders’ Agreement”), following Mr. Feinberg’s resignation from the Board.

Frank Bruno is the Co-Chief Executive Officer 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.

Vivek Sankaran, CEO of Albertsons Cos., 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.”

Mr. Feinberg commented: “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.”

Mr. 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 steadfastly serve customers and communities each day.”

Forward-Looking Statements and Factors That Impact Our Operating Results and Trends

This press release includes "forward-looking statements" within the meaning of the federal securities laws. The "forward-looking statements" include our current expectations, assumptions, estimates and projections about our business and our industry. You can identify forward-looking statements by the use of words such as "outlook," "may," "should," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future" and "intends" and similar expressions which are intended to identify forward-looking statements. The forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties which are beyond our control and difficult to predict and could cause actual results to differ materially from the results expressed or implied by the statements. Certain potential factors that could affect our business and cause actual results to differ materially from those expressed or implied in any forward-looking statements are described in the “Risk Factors” section or other sections in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 22, 2024, and in reports subsequently filed with the SEC and available at the SEC’s website at www.sec.gov.

About Albertsons Companies

Albertsons Companies is a leading food and drug retailer in the United States. As of November 30, 2024, the Company operated 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 well known 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. In 2023, along with the Albertsons Companies Foundation, the Company contributed more than $350 million in food and financial support, including more than $35 million through our Nourishing Neighbors Program to ensure those living in our communities and those impacted by disasters have enough to eat.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250221565267/en/

For Investor Relations, contact investor-relations@albertsons.com

For Media Relations, contact media@albertsons.com

Source: Albertsons Companies, Inc.

FAQ

Who is replacing Steve Feinberg on Albertsons (ACI) Board of Directors?

Frank Bruno, Co-Chief Executive Officer of Cerberus Capital Management, is replacing Steve Feinberg on Albertsons' Board of Directors effective February 21, 2025.

Why did Steve Feinberg resign from Albertsons (ACI) Board?

Steve Feinberg resigned from Albertsons' Board in connection with his nomination for the position of U.S. Deputy Secretary of Defense.

When will Frank Bruno join Albertsons (ACI) Board of Directors?

Frank Bruno will join Albertsons' Board of Directors effective February 21, 2025.

What is Cerberus Capital Management's relationship with Albertsons (ACI)?

Cerberus Capital Management has been invested in Albertsons for nearly two decades and has rights to designate Board members according to the Stockholders Agreement dated June 25, 2020.