Grocery Giant Albertsons Names Susan Morris As New CEO

Albertsons Companies, Inc. ACI has announced a major leadership shift as CEO Vivek Sankaran plans to retire on May 1, 2025.

Susan Morris, who is currently the Executive Vice President and Chief Operations Officer, will step into the role. On the same day, Morris will also assume a seat on the company's Board of Directors, replacing Sankaran.

With nearly 40 years of experience in the grocery retail sector, Susan Morris has held several leadership positions within Albertsons.

Since January 2018, she has been at the helm of the company's retail operations, managing over 2,200 locations across 34 states.

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Her career includes roles such as Executive Vice President of Regional Operations and Division President in two distinct markets. Morris began her journey with Albertsons at a store in Denver, where she started her long-standing career.

“She is highly respected across the organization and industry, with a strong track record of operational success and passion for serving our customers and communities,” said Chair of the Albertsons Cos. Board of Directors, Jim Donald.

Outlook Reaffirmed: In addition to the leadership change announcement, Albertsons has reaffirmed its financial projections for 2024. The company expects Identical sales growth to be in the range of 1.8% to 2.0%.

Adjusted EBITDA is forecasted to be between $3.95 billion and $3.99 billion. The anticipated adjusted net income per Class A share is expected to be between $2.25 and $2.31 (consensus $2.29), while capital expenditures are estimated at between $1.8 billion and $1.9 billion.

The company also projects an effective income tax rate between 15% and 16%.

Price Action: ACI shares closed lower by 1.66% at $20.69 on Monday.

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