SWY’s Blackhawk Network Announces New CEO

Analysts at Citigroup reiterate their "sell" rating on Safeway Inc SWY. The target price for SWY is set to $20. According to Citigroup, “SWY’s Blackhawk Network announced that Don Kingsborough has been appointed Blackhawk’s Executive Chairman of the Board of Directors. In conjunction with this move, William Tauscher will assume the position of Chief Executive Officer. We believe SWY is strategically transforming its Blackhawk Network to support its next phase of growth and operations.” “Under his leadership as Founder and CEO, Blackhawk has grown to become one of the world’s leading prepaid card providers for consumers through a vast network of grocery, drug, convenience, and mass retailers. Mr. Kingsborough’s role as Executive Chairman will allow him to focus on exploring new business opportunities, rather than just day to day operations…. He was formerly Blackhawk’s Executive Chairman and has served as managing member of the Tauscher Group (a company that invests and assists in the management of enterprises involved with home products, transportation, telecommunications, and real estate). Mr. Tauscher’s proven track record includes taking companies the size of Blackhawk Network and growing them into large successful entities,” the analysts add. More Analyst Ratings here