The chairman and CEO of US retailer Safeway Inc, Steve Burd, has announced his intention to retire.

Burd, who joined Safeway in 1992 as president, will step down at the company’s annual stockholders meeting on 14 May. The group said it will begin a search for a successor and will consider both internal and external candidates for the role.

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Burd was appointed CEO of Safeway a year after joining the retail group. The chief executive said he now needs “more personal time” and wants to pursue his “extensive work in healthcare” further.

“I feel this is the right time to move forward with a transition plan,” he said. “The company is gaining market share with each passing quarter. We have developed the most sophisticated digital marketing platform in retail, we are implementing the most comprehensive and personalised fuel loyalty programme, and we will be rolling out a wellness initiative that has the potential to transform the company.”

Some of Burd’s key initiatives have included establishing a customer service programme, developing the Safeway ‘Lifestyle’ store format, and accelerating the group’s efforts in sustainability.

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