Albertsons Says CEO Vivek Sankaran to Retire May 1

Leadership Transition - Albertsons Companies announced that CEO Vivek Sankaran will retire on May 1, with Executive Vice President and Chief Operations Officer Susan Morris succeeding him on the same day [1][4] - Morris will also join the Albertsons board of directors, replacing Sankaran [1] Executive Background - Susan Morris has nearly 40 years of experience at Albertsons, starting her career at an Albertsons store in Denver and has been leading retail operations since January 2018, overseeing over 2,200 stores across 34 states [2] - Jim Donald, chair of the board, expressed confidence in Morris's ability to lead the company into its next growth chapter [2] Strategic Direction - Morris emphasized her collaboration with Sankaran and the leadership team on the "Customers for Life" strategy, which aims to enhance customer engagement through eCommerce and personalized digital experiences [3] - The "Customers for Life" strategy was introduced in 2022 and focuses on increasing customer loyalty and engagement [3] Company Outlook - Albertsons reaffirmed its fiscal 2024 outlook shared during its third quarter earnings announcement on January 8 [5] - The announcement of the CEO transition coincided with Kroger's CEO resignation following a board investigation [5] Market Context - A federal judge previously blocked Kroger's planned $24.6 billion acquisition of Albertsons due to concerns about reduced competition in the U.S. grocery market [6]