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. The Casa Ley CVR will have a four-year term. The sale of the assets of real-estate development subsidiary Property, Development Centers, LLC ("PDC") comprised of its shopping center, portfolio including certain related Safeway stores, and, 2. The estimated total pay for a Director at Safeway is $331,014 per year. Property Development Centers and Casa Ley WebSteve Burd is Former Chairman/CEO at Safeway Inc. See Steve Burd's compensation, career history, education, & memberships. The Merger is expected to close in the fourth quarter of 2014 following the satisfaction of customary closing conditions, including approval of the Merger by the holders of a majority of the outstanding shares of Safeway common stock and regulatory approvals including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Has the board conducted a formal, written self-assessment of its performance within the past three years? Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group. Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. For a 15-day period following the termination of the go-shop period, Safeway will be permitted to continue discussions and enter into or recommend a transaction with any person that submitted a qualifying proposal during the 21-day period. Four powerful questions that require reflection about what really matters - results. Mr. Schumacher worked for 23 years at American National Can Corporation and American National Can Group, where he served as Executive Vice President and Chief Financial Officer from 1997 until his retirement in 2000, and Vice President, Controller and Chief Accounting Officer from 1985 until 1996. ATLANTA, April 28, 2023 - Delta Air Lines' (NYSE:DAL) board of directors today announced Vasant Prabhu as its newest member. By providing your email address below, you are providing consent to Albertsons Companies, Inc. to send you the requested Investor Email Alert updates. Already have a GuideStar Account? 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. The Board can be contacted using one of the two methods below. Learn about the organization's key goals, strategies, capabilities, and progress. Prior to joining Cerberus, Mr. Wille worked in the leveraged finance group at Deutsche Bank Securities Inc. from 2004 to 2006. PDC projects are concentrated in Safeway's urban and suburban markets, and are predominantly located in California and Hawaii. Learn more Our stores provide the opportunity to mobilize funding and create awareness in our neighborhoods through our employees' passion, partnerships with our vendors, and generous contributions by our customers. This will direct queries through the Office of the Senior Vice President, General Counsel, and Corporate Secretary. 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. Go-Shop Period From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world. Mr. Donald has served as Co-Chairman of our Board since 2019. Email. The sale of the assets of real-estate development subsidiary Property Development Centers, LLC ("PDC") comprised of its shopping center portfolio including certain related Safeway stores, and The PDC CVR will have a two-year term. Sign in or create an account to view Form(s) 990 for 2020, 2019 and 2018. /sites/all/themes/penton_subtheme_supermarketnews/images/logos/footer.png. George Charters Board Member Jun 1, 1998. By visiting this website, certain cookies have already been set, which you may delete and block. Highlight your management teams expertise. Mr. Galbato is the Chief Executive Officer of Cerberus Operations and Advisory Company, LLC. Evaluate the most effective solutions with interactive exhibits from leading suppliers. Try a low commitment monthly plan today. 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. Mr. Turner served as President and Chief Executive Officer of Core Scientific, an emerging leader in blockchain and artificial intelligence infrastructure, hosting, transaction processing and application development, from July 2018 to May 2021. The monetization of its 49% equity interest in Mexico-based food and general merchandise retailer Casa Ley, S.A. de C.V. ("Casa Ley"). Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. 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. WebThe company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation. 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. The people, governance practices, and partners that make the organization tick. Vivek has an MBA from the University of Michigan, a master's degree in manufacturing from Georgia Institute of Technology and a bachelor's degree in mechanical engineering from the Indian Institute of Technology in Chennai. TalentSky Member of the Board of Directors Dec 2015 Target Member of the Board of Directors Safeway Member of the Board of Directors 1 on Yelp's SW best eateries, Green Valley bite reminder that it's rattler season in Tucson, Yentzer booted from ballot in race for Tucson mayor, Award-winning journalist takes helm of Arizona Daily Star, state news operations, Threats cause Catalina Foothills School District to cancel meeting, 40 fun events happening in Tucson this weekend April 27-30 , Northern lights spotted over Tucson after powerful solar activity, Arizona coach Tommy Lloyd says Wildcats are 'in great shape' despite current holes in roster, Tucson to study creating city-run electric utility; TEP opposed, Pac-12 basketball picks: Soon-to-depart USC is early league favorite; Arizona slotted 3rd, Tucson Opinion: Confused about Prop 412? Ms. Allen also served as a member of the Global Board of Directors, Chair of the Global Risk Committee and U.S. Representative of the Global Governance Committee of Deloitte during this time. Vivek Sankaran Chief Executive Officer and Director. Mr. Wille previously served as a director of the Company from January 2015 to June 2020. WebThis Proxy Statement is furnished to our stockholders on behalf of the Board of Directors of Safeway Inc., a Delaware corporation (Safeway or the Company), in connection with Safeway Inc. and Albertsons announced a definitive agreement under which AB Acquisition LLC will acquire all outstanding shares of Safeway. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Safeway is part of the Grocery Retail industry, and located in California, United States. Safeway has begun discussions with the majority owners of Casa Ley regarding a potential sale of Safeway's interests. Mr. Gibson serves on various private boards and his knowledge of capital markets enhances the ability of our Board to make prudent financial judgments and provides our Board insight into and understanding of our financial performance and plan. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances. Read More . WebJoe Korngiebel is Chief Product and Technology Officer at Ceridian. Prior to that, Mr. Donald served as our President and Chief Executive Officer from September 2018 to April 2019 and before then as our President and Chief Operating Officer from March 2018 to September 2018. about GuideStar Pro. Do Not Sell My Personal Data/Privacy Policy. The merger agreement was unanimously approved by the Board of Directors of Safeway. If it is your nonprofit, add a problem overview. general merchandise retailer Casa Ley, S.A. de C.V. ("Casa Ley"). He also served as head of the corporate finance and mergers and acquisitions departments at UBS, a global financial services firm, and was a general partner and co-head of investment banking at Lazard Frres & Co, a leading financial advisory and asset management firm. He has been Chief Financial Officer since 2015 and was elected Vice Chair in 2019. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves. A GuideStar Pro report containing the following information is available for this organization: This information is only available for subscribers and in Premium reports. WebMr. 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. Neither Safeway nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of Safeway in connection with the proposed acquisition will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. Among her other leadership roles at Deloitte, Ms. Allen was partner and regional managing partner responsible for audit and consulting services for several Fortune 500 and large privately held companies. 5 things: Dollar stores are trading inflation for loyalty, Data security breach may have exposed Albertsons employee info, Trader Joes workers vote yes to a union in California, 5 things top news: Kroger hit with another lawsuit, 2023 Informa USA, Inc., All rights reserved, Snack idea might help lethargic seafood sales, Theres a sense for something good at IDBBA 2023. WebBoard of Directors 1 Safeway Management Team 20 Team Members Safeway has 20 executives. 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. 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. 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? 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." As one of the largest grocery retailers in North America, we find that supporting hunger relief programs is a natural fit for us. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves. 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. PDC projects are concentrated in Safeway's urban and suburban markets, and are predominantly located in California and Hawaii. About the Combined Company You have permission to edit this article. The FNIH encourages the public to take action during OctoberNational Breast Cancer Awareness Monthand help raise awareness and donate to this unique Cameron Thistle's Phone Number and Email Last Update. On a national basis, we fund only organizations working in the area of Hunger through our Nourishing Neighbors Campaign. WebOur Board of Directors Ann M. Sardini Chair of the Board (Term Expires 2023) Mark R. Hunter (Term Expires 2025) Linda K. Massman (Term Expires 2025) Steven Oakland (Term Expires 2024) Scott D. Ostfeld (Term Expires 2023) Jill A. Rahman (Term Expires 2024) Joseph E. Scalzo (Term Expires 2024) Jean E. Spence (Term Expires 2023) The call will be webcast live at www.Safeway.com. The Blackhawk distribution is not dependent upon the completion of the Acquisition, and is being undertaken for independent business reasons. 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.". Prior to joining Safeway, he was a partner at Latham & Watkins, a Los Angeles law firm. 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. 4/30/2023 6:28 AM. ", Respond: Write a letter to the editor | Write a guest opinion. 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. Submit Your Analyst Briefing Safeway Board of Director 1 Board of directors You must have JavaScript enabled to enjoy a limited number of articles over the next 30 days. Our stores provide the opportunity to mobilize funding and create awareness in our neighborhoods through our employees' passion, partnerships with our vendors, and the generous contributions by our customers. He will retire from Visa on Sept. 30. For a 15-day period following the termination of the go-shop period, Safeway will be permitted to continue discussions and enter into or recommend a transaction with any person that submitted a qualifying proposal during the 21-day period. Please click here to continue without javascript.. Tyson Foods and Hillshire Brands announce definitive merger agreement, Kroger and Albertsons solidify merger agreement. The actual net after-tax proceeds received upon a sale could vary substantially from these estimates. By visiting this website, certain cookies have already been set, which you may delete and block. This organization is required to file an IRS Form 990 or 990-EZ. Safeway owns 49% of Casa Ley, the fifth largest food and general merchandise retailer in Mexico based on sales. Sign in. Prior to Citadel, Mr. Turner served as COO of Microsoft Corporation, an American multinational technology corporation, from 2005 to 2016, and as CEO and President of Sams Club, an American chain of membership-only retail warehouse clubs owned and operated by Walmart Inc., from 2002 to 2005. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Prior to Hersheys, Ms. West was at J.C. Penny Company, Inc., an American department store chain, after having served on its board from November 2005 to May 2015. There can be no assurance as to the value of PDC and/or Casa Ley or that Safeway shareholders will receive the amount of after-tax net proceeds estimated in this press release, or any amount. The Merger will enable Albertsons and Safeway to implement operational best practices in order to offer customers an enhanced shopping experience and more competitive prices, while enabling the combined company to pursue industry-leading customer service in an increasingly competitive and dynamic marketplace. A replay of the call will be archived at www.Safeway.com. Under the merger agreement, Safeway shareholders will receive $32.50 per share in cash. An RFP is released on an annual basis by invitation only. Benzinga does not provide investment advice. The right to receive any future payments with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the Closing of the Merger, will be contingent on a number of factors, including Safeway's ability to sell all or a portion of PDC and/or Casa Ley, and the amount of after-tax net proceeds realized. Cameron Thistle works as a Director, Retail Support at Safeway Canada, which is a Retail company with an estimated 170 employees. Ching, 52, has been with Safeway since 1994. Ms. West has served on the boards of Hasbro, Inc. a global play and entertainment company, since June 2016 and Lowes Inc., a home improvement retailer, since April 2021. Item 10. Mr. Fennebresque has been a member of our Board since 2015. We focus on giving locally in the areas of Education; Hunger Relief; Health and Human Services; and Helping People Living with Disabilities.
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