USA: Albertson's names industry veteran Felicia D. Thornton executive vice president and chief financial officer
Ms. Thornton, 37, will report directly to Larry Johnston, Albertson's Chairman and Chief Executive Officer, and will serve as a member of the Company's Executive Committee. Her responsibilities will include oversight of all traditional financial functions, as well as strategic planning, investor relations and process improvement.
Previously, Ms. Thornton served as Group Vice President-Finance and Administration for Ralphs Grocery Company, an $8 billion retailer. During her seven years at Ralphs, she held a series of leadership positions in corporate planning, strategic projects, finance and administration. Ms. Thornton was instrumental in the successful $15 billion merger between Ralphs and Fred Meyer in 1998 as well as the $5 billion merger between Ralphs and Food 4 Less in 1995.
"We are extremely fortunate to have attracted an individual with Felicia's credentials," Johnston said. "Her successful track record in finance, mergers and acquisitions and process re-engineering will be a strong addition to the exciting senior leadership team we are building at Albertson's."
Ms. Thornton said, "Albertson's is a great company with strong core fundamentals and tremendous market potential. I look forward to working with Larry and his new leadership team as we drive the company forward and maximize value for our customers, associates and shareholders."
Prior to joining the grocery industry, Ms. Thornton held financial roles at Stride Rite Corporation, Denny's, Inc. and Paramount Pictures Corporation. She holds a Bachelor's Degree in economics from Santa Clara University and an MBA in corporate finance from the University of Southern California.
Ms. Thornton and her family will re-locate to Boise, Idaho, in the near future. The search to fill the CFO position was conducted by Spencer Stuart, the global executive recruiting firm.
Albertson's is one of the nation's largest food and drug retailing companies, with annual revenues of approximately $37 billion. Based in Boise, Idaho, the Company currently employs more than 230,000 associates and operates more than 2,500 retail stores in 36 states across the U.S. Its banners include Albertson's, Jewel-Osco, Acme, Osco Drug, Sav-on Drugs, Max Foods, Super Saver, and Seessel's by Albertson's.
The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause actual results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-Q.
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