Albertson’s, Inc., (NYSE: ABS) announced yesterday that Peter L. Lynch, 49, President & Chief Operating Officer has been appointed to the Company’s Board of Directors effective immediately. Lynch’s appointment increases the number of Board members from 12 to 13.
“Peter’s extensive retail food and drug experience makes him an excellent addition to our board,” said Paul I. Corrdry, retired senior vice president of H.J. Heinz Company and Lead Independent Director of Albertson’s Board of Directors. “Albertson’s is at an important stage in its long and illustrious history, as we embark on an aggressive restructuring plan to drive costs out of the business, while improving returns and building a strong growth momentum for the future. As the strong right arm of our chairman and chief executive officer, Larry Johnston, Peter is playing a crucial role in the Company’s revitalization.”
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Lynch, a 32-year veteran of the grocery and drugstore industry, began his career as a “bagger” at Star Markets in Boston, Massachusetts. He eventually rose through the ranks over 20 years to become President of that company. In subsequent industry roles, Lynch served as President of Acme Stores in Philadelphia as well as Executive VP of Operations for Albertson’s, Inc. following its merger with American Stores. He was appointed to his current role in 2000.
Larry Johnston, Chairman & CEO of Albertson’s made the following statement, “Today is an important day for our customers, associates and shareowners. Peter Lynch is a powerful leader and one of this industry’s most capable senior executives. His appointment to our board of directors not only recognizes his outstanding accomplishments but also further solidifies the senior management team of this great Company.” Continuing his comments, Johnston said, “There is much to be done at Albertson’s and no one is better qualified than Peter Lynch to lead the implementation of new strategies that will help the Company reach its full potential. Peter and I have an excellent working relationship. If I am the coach then he clearly is the quarterback. His knowledge and experience are tremendous assets that will add a great deal of value to our board of directors.”
A native of Boston, Mass., Lynch holds a finance degree from Nichols College. He and his wife, Maddy, have two children.
Albertson’s is one of the nation’s largest food and drug companies, with annual revenues of approximately $37 billion. Based in Boise Idaho, the Company currently operates 2,541 retail stores in 36 states across the United States.
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By GlobalDataThe 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.
For further information, please contact: Investor Relations, Renee Bergquist, +1-208-395-6622, or News Media, Ertharin Cousin, +1-208-395-6392, both of Albertson’s, Inc., www.albertsons.com.
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