Albertsons (ACI) appoints Frank Bruno to Board

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today announced that effective Feb. 21, 2025, the Board of Directors (the “Board”) has accepted the resignation of Steve Feinberg as a Member of the Board in connection with Mr. Feinberg’s nomination for U.S. Deputy Secretary of Defense.

Also, effective Feb. 21, 2025, the Board appointed Frank Bruno to the Board. Cerberus Capital Management, L.P. (together with its affiliates, “Cerberus”) designated Mr. Bruno to the Board in accordance with the Stockholders Agreement dated June 25, 2020, by and among the Company and Cerberus (the “Stockholders’ Agreement”), following Mr. Feinberg’s resignation from the Board.

Frank Bruno is the Co-Chief Executive Officer of Cerberus, which is an investment adviser registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940. Cerberus has approximately $65 billion of assets under management for investment funds, managed accounts, and other investment entities in a wide variety of asset classes, including private credit, private equity, real estate, and various other types of investments.

Vivek Sankaran, CEO of Albertsons Cos., said: “Steve has been a significant contributor to the Board, and I thank him for his long-standing support to Albertsons Cos. I also congratulate Steve on his pending appointment to the Department of Defense and his service to our country. In addition, I am excited to welcome Frank to the Board, as we accelerate our business strategy to earn Customers for Life.”

Mr. Feinberg commented: “During the nearly two decades that Cerberus has been invested in Albertsons Cos., the Company has continued to innovate in the dynamic grocery industry and deliver quality and affordable choices to customers across the United States. I know that Frank will continue this partnership with the Company as it advances its work as a nationally strong business and leader in its communities.”

Mr. Bruno added: “I am delighted to join the Board of Albertsons Cos. as the leadership team continues to transform the business in an ever-changing consumer landscape. I look forward to supporting the Company, its accomplished leadership team, and its dedicated associates who steadfastly serve customers and communities each day.”

You May Also Be Interested In

• Wells Fargo Upgrades Invitation Homes (INVH) to Overweight
• Devon Energy completes exchange of Coterra notes for new Devon debt
• Absci prices $100M stock offering with Eli Lilly among investors