The actual net after-tax proceeds received upon a sale could vary substantially from these estimates. Additionally, shareholders will have the right to receive pro-rata distributions of net proceeds from primarily non-core assets with an estimated value of $3.65 per share. We look forward to working with Bob Miller and the rest of the Albertsons team as we proceed together on a path towards becoming an even stronger organization.". PLEASANTON, Calif. Safeway Inc. announced the appointment of Frank Herringer and Kenneth Oder to the companys board of directors, expanding the board from nine to 11 members. Safeway Inc. announced the appointment of Frank Herringer and Kenneth Oder to the company’s board of directors, expanding the board from nine to 11 members. Mr. Schumacher has served as a member of our Board since 2015. To access the website replay, go to the "Investors" link and click on "Presentations and Webcasts." WebSteve Burd is Former Chairman/CEO at Safeway Inc. See Steve Burd's compensation, career history, education, & memberships. Banners will include Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Albertsons, ACME, Jewel-Osco, Lucky, Shaw's, Star Market, Super Saver, United Supermarkets, Market Street and Amigos. Additionally, Mr. Wille served on the board of Tower International, Inc., a leading manufacturer of engineered automotive structural metal components and assemblies, from September 2010 to October 2021. Fessenden brings 25 years of leadership experience in complex service-based businesses, serving as MB Aerospaces president and chief operating officer, CHC Helicopters CEO, and head of GEs $8 billion Power Generation Services unit. Kennesaw, GA 30152, Spider Powered Suspended Access Solutions. Mr. Gibson has been a member of our Board since 2018. Edwards previously held several executive level positions with Safeway Inc., including President and Chief. Already have a GuideStar Account? WebBoard of Directors 1 Safeway Management Team 20 Team Members Safeway has 20 executives. Value to Safeway Shareholders Mr. Fennebresque has been a member of our Board since 2015. Contact. Registered in England and Wales. He spent 14 years with General Electric, during which time he served in several operating and finance leadership positions within various industrial divisions and as President and CEO of Coregis, a GE Capital company. The diversified network of retail assets, associated distribution centers and manufacturing assets will allow for a broader assortment of products, a more efficient distribution and supply chain, enhanced fresh and perishable offerings, and expanded private label alternatives for customers. Robert Edwards is the former President and Chief Executive Officer of AB Acquisition LLC, a North American food and drug retail company, a position he held from As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share. Executive Officer from May 2013 to April 2015, President and Chief Financial Officer from April 2012 to May 2013, and Executive Vice President and Chief Financial Officer from March 2004 to April 2012. For a competing bidder who did not qualify during the go-shop period, the termination fee would be $250 million. ATLANTA, April 28, 2023 - Delta Air Lines' (NYSE:DAL) board of directors today announced Vasant Prabhu as its newest member. Keep reading with a digital access subscription. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. The estimated total pay for a Director at Safeway is $331,014 per year. We focus on giving locally in the areas of health and human services, hunger relief, education and helping people living with disabilities. As one of the largest grocery retailers in North America, we find that supporting hunger relief programs is a natural fit for us. AB Acquisition is the owner of Albertson's LLC and New Albertson's, Inc. (collectively "Albertsons") and is controlled by a Cerberus Capital Management, L.P. ("Cerberus")-led investor group, which also includes Kimco Realty Corporation. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Working together will enable us to create cost savings that translate into price reductions for our customers. The FNIH encourages the public to take action during OctoberNational Breast Cancer Awareness Monthand help raise awareness and donate to this unique Since 2000, he has served as a director and board president of Los Angeles Public Counsel, a pro bono organization. Do Not Sell My Personal Data/Privacy Policy. We are pleased to have these talented leaders join the BrandSafway team, said John Krenicki, chairman of the board and acting CEO. The merger agreement includes a so-called "go-shop" period, during which Safeway, with the assistance of Goldman Sachs, its financial advisor, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The Casa Ley CVR will have a four-year term. The merger agreement was unanimously approved by the Board of Directors of Safeway. He will retire from Visa on Sept. 30. View all board members Compare Safeway to Competitors Trader Joe's Trader Joe's is a specialty grocery store Mr. Wille has served as a director of NexTier Oilfield Solutions Inc., a provider of hydraulic fracturing, wireline technologies and drilling services, since March 2011. A replay of the call will be archived at www.Safeway.com. Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. If Safeway is unable to sell Casa Ley before the four-year expiration of the CVR, shareholders would receive a cash distribution equal to the after-tax fair market value of Safeway's interest in Casa Ley at such time. Vivek most recently served as CEO of PepsiCo Foods North America. Additionally, his deep experience in the financial services industry provides our Board valuable insight into the Companys risk management, financial performance, and strategic plan. Robert Edwards and his team have done an outstanding job in positioning Safeway's core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. During the extended time, Safeway would not be permitted to pay a dividend to its shareholders but shareholders would receive additional cash consideration equal to 6% per annum on the $32.50 per share cash price for the number of days that pass during the three month extension until closing. and who do the programs serve? The proceeds are from: Through a network of 340 strategic locations across 30 countries and more than 38,000 employees, BrandSafway delivers a full range of forming, shoring, scaffolding, work access and industrial service solutions. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances. The FNIH could not have launched I-SPY 2 without the generous contributions from The Safeway Foundation, said Dr. Scott Campbell, Former Executive Director and CEO of the FNIH. The estimated values for PDC and Casa Ley are based on analyses that Safeway has performed with the help of financial advisors, valuations from independent third parties and market information. He most recently served as oil field services supplier Weatherfords CFO. Timing and Closing Conditions The diversified network of retail assets, associated distribution centers and manufacturing assets will allow for a broader assortment of products, a more efficient distribution and supply chain, enhanced fresh and perishable offerings, and expanded private label alternatives for customers. Safeway, Albertson's announce merger agreement, Tucson's west-side resort, Starr Pass, sold for $110 million, Cocktails on a train car and boutique bowling coming to Tucson, Pac-12 mailbag: Is an Arizona departure worst-case scenario for Pac-12? Delta Board of Directors Names Vasant Prabhu as Newest Member. WebThe company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation. The final ratio and the value of the Blackhawk shares will be determined at the time of the distribution and will depend on the market value of Blackhawk at that time and the number of diluted Safeway shares. We are confident that Karl and Christian, along with our deeply committed management team and the best employees in the industry, are well positioned to drive BrandSafways continued leadership in the sector.. He joined the Board of Directors on September 7, Albertsons' Chief Executive Officer Bob Miller stated, "This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. Ms. West provides our Board with expertise in marketing, brand building and strategic and operational planning for consumer-focused companies. The company is well positioned for continued success and growth.. about GuideStar Pro. Register now. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances. PDC projects are concentrated in Safeway's urban and suburban markets, and are predominantly located in California and Hawaii. Kenneth Oder Board Member. Prior to joining Cerberus in 2009, Mr. Galbato served as President and CEO of the Controls Division of Invensys plc, a multinational engineering and information technology company, and President of Professional Distribution and Services at The Home Depot, the largest home improvement retailer in the United States. You must have JavaScript enabled to enjoy a limited number of articles over the next 30 days. Gary Steadman's Phone Number and Email Last Update. AB Acquisition is the owner of Albertsons LLC and New Albertsons, Inc. Seafood prices up a tick; sales remain solid, Podcast: Mission complete? Safeway owns 49% of Casa Ley, the fifth largest food and general merchandise retailer in Mexico based on sales. WebMember of the Board of Directors, Caseys General Stores, Inc. since 2014 (also member of the Compensation (Chair) Committee; Member of the Board of Directors, International Acquisition Funding Albertsons Companies Foundation supports causes that impact our customers' lives. Combining these strong management teams will strengthen the ability of Safeway and Albertsons to deliver on a shared commitment to offering customers higher quality products at lower prices, which will undoubtedly yield positive results for all stakeholders in the business." The monetization of its 49% equity interest in Mexico-based food and. Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. Banners will include Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Albertsons, ACME, Jewel-Osco, Lucky, Shaw's, Star Market, Super Saver, United Supermarkets, Market Street and Amigos. (Don't see an email in your inbox? He has been Chief Financial officer since 2015 and was Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. Safeway's shares of Blackhawk are contemplated to be distributed pro-rata to the shareholders, with a current value of $3.95 per Safeway share based on the closing price of Blackhawk's common stock of $25.06 per share on March 5, 2014 and a diluted share count at Safeway of approximately 235 million shares. Prior to that, he served as the company's president and chief operating officer, a position he was named to in 2016. WebSelected Safeway Board of Directors: [7] Mohan Gyani, Former President and Chief Executive Officer Mobility Services AT&T Wireless Services, Inc. Paul Hazen, Former Chairman and Chief Executive Officer Wells Fargo Raymond G. Viault, Former Vice Chairman General Mills Contact details 5918 Stoneridge Mall Road Pleasanton, CA The company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation. These statements are based on management's assumptions and beliefs in light of the information currently available to it. If Safeway is unable to sell Casa Ley prior to the fourth anniversary of the Merger, Safeway shareholders will be entitled to receive the fair market value of Safeway's interest in Casa Ley at that time. 11555 Dublin Canyon Rd The Albertsons Companies Foundation, Email contact available with a Pro subscription. Ankeny, IA 50021. Vivek Sankaran Chief Executive Officer and Director. The combined value of the transactions described above is expected to deliver a premium to Safeway's shareholders of 72% from one year ago, and 56% over the share price six months ago," said Robert Edwards, President & Chief Executive Officer of Safeway Inc. "Safeway has been focused on better meeting shoppers' diverse needs through local, relevant assortment, an improved price/value proposition and a great shopping experience that has driven improved sales trends. There is no assurance that any payments will be made with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the closing of the Merger. Robert Edwards is the former President and Chief Executive Officer of AB Acquisition LLC, a North American food and drug retail company, a position he held from Albertsons acquisition of Safeway Inc. in January 2015 to April 2015. Accordingly, actual results may differ materially and adversely from those expressed in any forward-looking statements. Safeway Board Members Name & TitleBio Robert Miller CEO Doug MacKenzie Board Member Gary Rogers Board Member George Charters Board Safeway has begun discussions with the majority owners of Casa Ley regarding a potential sale of Safeway's interests. Follow the money, Stock Market Today: Wall Street Rises to Cap a Winning April, Powerful New Obesity Drug Poised to Upend Weight Loss Care, Analyst Breaks Down Thursday's Market as Stocks Climb Amid Strong Tech Earnings, Boeing to increase 737 Max production despite ongoing production issues. Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Among other things, the Combined Entity's ability to achieve estimated price reductions from the transaction, as well as the timing of such reductions, will depend on the Combined Entity's ability to integrate its businesses in a timely fashion, including realizing synergies anticipated by reduction of duplicative systems and processes. As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share. A subscription helps you access more of the local stories that keep you connected to the community. WebThe average annual salary of Safeway Electronics is estimated to be approximate $77,739 per year. We focus on giving locally in the areas of Education; Hunger Relief; Health and Human Services; and Helping People Living with Disabilities. 4/30/2023 6:28 AM. Item 10. The call will be webcast live at www.Safeway.com. Casa Ley is a private company, and does not publicly disclose financials. The combined value for Safeway shareholders who receive both a distribution of Blackhawk shares and the aggregate cash and contingent consideration in the Merger, based on Safeway's current estimates of the value of the contingent consideration, would represent a premium of 72 percent over Safeway's closing share price of $23.27 on March 6, 2013, one year ago; 56 percent over Safeway's closing price of $25.62 on September 6, 2013, six months ago; and 17 percent over Safeway's closing share price of $34.10 on February 18, 2014, the day before Safeway announced it was in discussions regarding a potential sale of the company. Before joining PepsiCo in 2009, Vivek was a partner at McKinsey and Company, where he served various Fortune 100 companies bringing a strong focus on strategy and operations. "Albertsons has successfully transformed underperforming retail grocery stores into strong performers by focusing on enhancing the local customer experience," said Lenard Tessler, Co-Head of Global Private Equity and Senior Managing Director at Cerberus. Ms. West previously served as Senior Vice President and Chief Growth Officer of The Hershey Company, one of the largest chocolate manufacturers in the world, from May 2017 to January 2020, during which time she drove Hersheys growth and marketing strategies as well as communication, disruptive innovation, research and development, and mergers and acquisitions. Cerberus has more than US $25 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. In connection with the completion of the Merger, it is expected that Safeway's distribution of Blackhawk shares will be taxable to Safeway and Safeway's shareholders. Advisors Kevin Turner (born April 3, 1965) is an American businessman and investor who is currently the chairman of Zayo Group and the vice chairman of Albertsons / Safeway Inc. If Safeway is unable to sell Casa Ley before the four-year expiration of the CVR, shareholders would receive a cash distribution equal to the after-tax fair market value of Safeway's interest in Casa Ley at such time. to get more GuideStar Nonprofit Profile data today! In connection with the completion of the Merger, it is expected that Safeway's distribution of Blackhawk shares will be taxable to Safeway and Safeway's shareholders. These statements are indicated by words such as "expects," "will," "plans," "intends," "committed to," "estimates" and "is." Cameron Thistle's Phone Number and Email Last Update. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before. The majority pay is between $68,369 to $87,906 per year. Summary Programs + Results Financials Operations. Previously, Gary was a Director, Online Business Education at Portla nd State University and also held positions at InsideTrack, InsideTrack, Safeway. Established in 2006, AB Acquisition LLC ("Albertsons"), which operates ACME, Albertsons, Jewel-Osco, Lucky, Shaw's, Star Market and Super Saver, and stores under the United Family of stores, Amigos, Market Street and United Supermarkets, is working to become the favorite food and drug retailer in every market it serves. Between 1985 and 2002, Mr. Turner held several positions of increasing responsibility with Wal-Mart, including Executive Vice President and Global Chief Information Officer from 2001 to 2002. A GuideStar Pro report containing the following information is available for this organization: This information is only available for subscribers and in Premium reports. WebALBERTSONS COMPANIES FOUNDATION. AB Acquisition is the owner of Albertson's LLC and New Albertson's Inc. and is controlled bya Cerberus Capital Management, L.P.-led investor group, which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation. Supermarket News is part of the Informa Connect Division of Informa PLC. Bob Miller, Albertsons current Chief Executive Officer, will become Executive Chairman. The final ratio and the value of the Blackhawk shares will be determined at the time of the distribution and will depend on the market value of Blackhawk at that time and the number of diluted Safeway shares. In addition, investors may obtain a free copy of Safeway's filings with the SEC from Safeway's website at http://www.Safeway.com or by directing a request to: Safeway Inc., 5918 Stoneridge Mall Road, Pleasanton, California 94588, Attention: Investor Relations. Working together will enable us to create cost savings that translate into price reductions for our customers. ", "This Merger is one of several actions we have taken in recent months as a result of our strategic business review. If Safeway is unable to sell PDC prior to the second anniversary of the closing of the Merger, no payment will be made to Safeway shareholders with respect to PDC and the CVR will expire valueless. Greenhill & Co. has also served as financial advisor to Safeway. On a national basis, we fund only organizations working in the area of Hunger through our Nourishing Neighbors Campaign. WebSafeway has 1 board of directors, including George Morrow. Transamerica was acquired by Aegon in 1999. KENNESAW, Ga., Sept. 30, 2020 The board of directors of BrandSafway, a global leader in access and industrial services, has announced that Karl Fessenden Ms. West was involved with some of the food industrys most iconic brands such as Kraft Macaroni and Cheese, Oreo, and Maxwell House coffee during her tenure at Kraft Foods. The merger agreement was unanimously approved by the Board of Directors of Safeway. Garcia is a three-time public company CFO with experience across all aspects of the financial function. Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. By visiting this website, certain cookies have already been set, which you may delete and block. Benzinga does not provide investment advice. WebThe average annual salary of Safeway Electronics is estimated to be approximate $77,739 per year. Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. Mr. Fennebresques extensive experience as a director of several public companies and history of leadership in the financial services industry brings corporate governance expertise and a diverse viewpoint to the deliberations of our Board. aka SAFEWAY FOUNDATION | Pleasanton, CA | www.safewayfoundation.org. Cameron Thistle works as a Director, Retail Support at Safeway Canada, which is a Retail company with an estimated 170 employees. Our stores nationally provide the opportunity to mobilize funding and create awareness in our neighborhoods. ", Respond: Write a letter to the editor | Write a guest opinion.
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