Albertsons announces changes to Board of Directors

Albertsons Companies, Inc., today announced that effective Oct. 24 the Board of Directors has elected Jim Donald as the sole independent Chair of the Board.

Also, effective Oct. 24, the board appointed Stephen Feinberg to the board 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, by and among the company and Cerberus after Chan Galbato stepped down from the board on Oct. 22. Galbato was previously designated to the board in 2021 by Cerberus pursuant to the Stockholders’ Agreement.

Vivek Sankaran, CEO, commented, “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.”

Feinberg is the co-chief executive officer of CCM, which is an investment adviser registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940. Cerberus has approximately $66 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. Feinberg has led Cerberus since co-founding it in 1992.

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“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.”