BOSTON, Mass. -- Albertsons turned the spotlight on Shaw's Supermarkets at its annual meeting here earlier this month, emphasizing the reverse synergies and management talent it added by acquiring the Quincy, Mass.-based chain in mid-2004.
All media were excluded from the meeting, but in SN interviews, several attendees said the general mood was upbeat and positive.
Observers said Larry Johnston, chairman, president and chief executive officer, discussed the strong management practices at Shaw's and the contributions the acquisition adds to the parent company, including introduction of natural and organic food sections and international food sections.
Johnston also said Shaw's executive team has deepened Albertsons' management pool.
Shareholders approved two of five non-binding shareholder proposals, both of which they had also approved a year earlier, with 65% voting to urge the board to seek shareholder approval for future severance agreements and 54% voting to allow a simple majority of shareholder votes to make resolutions binding.
Shareholders voted with management to reject three other shareholder proposals, with 52% voting against requiring the board chairman to be an independent director; 52% voting against allowing directors to be elected by a majority rather than a plurality of voters; and 57% voting against requiring that a significant portion of future equity compensation grants to senior executives include achievement of performance goals.
