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BOISE, Idaho—Albertsons Cos. has announced a shift in its leadership structure, with Jim Donald taking on the role of independent board chair. The move solidifies the company's commitment to independent oversight during a critical period, as Albertsons prepares for a potential merger with Kroger Co.
In addition to the changes, the Board has appointed Stephen Feinberg, co-CEO of Cerberus Capital Management (CCM), a new director. Feinberg fills the vacancy left by Chan Galbato, who stepped down on October 22, 2024. Cerberus, Albertsons’ largest shareholder and long-time partner, designated Feinberg under a stockholder agreement dating back to 2020.
“Jim will continue to provide strong leadership as Chair of the Board,” said Albertsons CEO Vivek Sankaran. “I am excited to welcome Steve to the Board, and I thank Chan for his significant contributions.”
Feinberg brings a deep understanding of Albertsons’ journey, having overseen Cerberus’ investment in the company since 2006. His extensive experience across multiple investment areas, including private equity and real estate, aligns with Albertsons’ strategic vision, particularly as the company navigates industry evolution and competitive dynamics in grocery retail.
“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 noted. “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.”
Cerberus reaffirmed its support for the proposed merger with Kroger, highlighting the merger’s "compelling value proposition" for stakeholders, from customers and employees to investors and the communities Albertsons and Kroger serve. "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,” said Feinberg, emphasizing Cerberus' role as a committed long-term partner in Albertsons’ growth and development.
Albertsons shareholders and industry observers alike will be closely watching the Board's direction under Donald's leadership as the company advances with the proposed Kroger merger, aiming to reshape the landscape of U.S. grocery retail.
