We are excited about continuing this momentum as a combined organization. Thrifty Foods #106, 3030 Merchant Way Victoria, British Columbia V9B 0X1. Seafood prices up a tick; sales remain solid, Podcast: Mission complete? 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. Mr. Fennebresque has served as a senior advisor to Cowen Group Inc., a diversified financial services firm, since 2008, where he also served as its Chairman, President and Chief Executive Officer from 1999 to 2008. Goldman, Sachs & Co. served as financial advisor to Safeway in connection with the Company's strategic review and the transactions. Ms. Allen is a Certified Public Accountant (Retired), and her extensive accounting and audit experience broadens the scope of our Boards oversight of our financial performance and reporting. 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. Working together will enable us to create cost savings that translate into price reductions for our customers. 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. Prior to joining Cerberus, Mr. Wille worked in the leveraged finance group at Deutsche Bank Securities Inc. from 2004 to 2006. WebJoe Korngiebel is Chief Product and Technology Officer at Ceridian. For more information, please visit www.Albertsons.com. Our current Board of Directors consists of seven members. 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. 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. Delta Air Lines' (NYSE:DAL) board of directors today announced Vasant Prabhu as its newest member. Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. You have permission to edit this article. 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. The merger agreement was unanimously approved by the Board of Directors of Safeway. Advisors Kennesaw, GA 30152, Spider Powered Suspended Access Solutions. Under certain circumstances, if the Merger fails to close, AB Acquisition would be required to pay Safeway $400 million. 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. Mr. Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. Ankeny, IA 50021. 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. Delta Board of Directors Names Vasant Prabhu as Newest Member. Sign in. TalentSky Member of the Board of Directors Dec 2015 Target Member of the Board of Directors Safeway Member of the Board of Directors On a combined basis, the value of the CVRs is estimated in the range of $3.45 to $3.85 per share. This filing does not constitute a solicitation of any vote or approval. The PDC CVR will have a two-year term. AB Acquisition is the owner of Albertson's LLC and New Albertson's, Inc. (collectively "Albertsons") and is controlled by a Cerberus Capital Management, L.P. ("Cerberus")-led investor group, which also includes Kimco Realty Corporation. The company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation. 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. "Albertsons has successfully transformed underperforming retail grocery stores into strong performers by focusing on enhancing the local customer experience," said Lenard Tessler, Co-Head of Global Private Equity and Senior Managing Director at Cerberus. Highlight your management teams expertise. in nonprofit board leadership and governance, to create this section. The actual net after-tax proceeds received upon a sale could vary substantially from these estimates. Transamerica was acquired by Aegon in 1999. Vivek joined Albertsons Companies, Inc. in April 2019 and serves as the companys Chief Executive Officer. WebDirector - Chris Arlaud Director - Thom Brown Director - Tom Freeland Director - Cathy Kloos Director - Jeff Mason Director - Nicole Neumann Director - Debbie Portwood Director - Susan Probst Director - Cathleen Cox Stugard Director - Carla Thuney Director - Lisa Umali Advisor - Dian Emerson Advisor - Carolyn Wimberly A successful competing bidder who makes a superior proposal during the go-shop period would bear a $150 million termination fee. Learn about the most recent outbreaks, contaminants, and regulations from leading subject matter experts. Safeway's existing indebtedness is contemplated to be repaid at closing, other than capital leases and the company's 5.00% Senior Notes due 2019, 3.95% Notes due 2020, 4.75% Senior Notes due 2021, 7.45% Debentures due 2027 and 7.25% Debentures due 2031. All rights reserved. Learn More Get the latest local business news delivered FREE to your inbox weekly. No store closures are expected as a result of this transaction. Distribution of Blackhawk Shares Casa Ley is a private company, and does not publicly disclose financials. Formed in 2008, PDC is a wholly owned subsidiary of Safeway Inc., engaged in retail shopping center development and capitalizing on Safeway's core real estate competency. 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. Mr. Galbato also served as President and CEO of Armstrong Floor Products and, prior to that, as CEO of Choice Parts. Do Not Sell or Share My Personal Information. WebBoard of Directors 1 Safeway Management Team 20 Team Members Safeway has 20 executives. Mr. Wille has served as a member of our Board since 2020. Connect and network with a community of food safety professionals throughout the supply chain. about GuideStar Pro. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Garcia is a three-time public company CFO with experience across all aspects of the financial function. By visiting this website, certain cookies have already been set, which you may delete and block. WebMember of the Board of Directors, Caseys General Stores, Inc. since 2014 (also member of the Compensation (Chair) Committee; Member of the Board of Directors, International The majority pay is between $68,369 to $87,906 per year. 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. To access the website replay, go to the "Investors" link and click on "Presentations and Webcasts." Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Investor Conference Call Safeway's shares of Blackhawk are contemplated to be distributed pro-rata to the shareholders, with a current value of $3.95 per Safeway share based on the closing price of Blackhawk's common stock of $25.06 per share on March 5, 2014 and a diluted share count at Safeway of approximately 235 million shares. Fessenden brings 25 years of leadership experience in complex service-based businesses, serving as MB Aerospaces president and chief operating officer, CHC Helicopters CEO, and head of GEs $8 billion Power Generation Services unit. He has deep experience in BrandSafways end markets and a track record of driving commercial and operational excellence in both public and private companies. This Safeway in a rich Bay Area enclave feels hostile.. 4/30/2023 1:10 PM. Renda spent more 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. Mr. Galbato is the Chief Executive Officer of Cerberus Operations and Advisory Company, LLC. Mr. Gibson has been a member of our Board since 2018. If Safeway is unable to sell PDC prior to the second anniversary of the closing of the Merger, no payment will be made to Safeway shareholders with respect to PDC and the CVR will expire valueless. Timing and Closing Conditions Formed in 2008, PDC is a wholly owned subsidiary of Safeway Inc., engaged in retail shopping center development and capitalizing on Safeway's core real estate competency. Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Dreiling serves as the Lead Independent Director of the Lowes Board of Directors. general merchandise retailer Casa Ley, S.A. de C.V. ("Casa Ley"). Schulte Roth & Zabel LLP served as lead outside legal counsel to Albertsons, Cerberus and the investor group, and Dechert LLP, Schulte Roth & Zabel LLP and Baker Botts LLP served as outside legal counsel on antitrust matters. Copyright 2023. Kevin Turner (born April 3, 1965) is an American businessman and investor who is currently the chairman of Zayo Group and the vice chairman of Albertsons / Safeway Inc. 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. The combined value for Safeway shareholders who receive both a distribution of Blackhawk shares and the aggregate cash and contingent consideration in the Merger, based on Safeway's current estimates of the value of the contingent consideration, would represent a premium of 72 percent over Safeway's closing share price of $23.27 on March 6, 2013, one year ago; 56 percent over Safeway's closing price of $25.62 on September 6, 2013, six months ago; and 17 percent over Safeway's closing share price of $34.10 on February 18, 2014, the day before Safeway announced it was in discussions regarding a potential sale of the company. Ching, 52, has been with Safeway since 1994. It also brings together two great organizations with talented management teams. He joined the Board of Directors on September 7, Want to see how you can enhance your nonprofit research and unlock more insights? We are pleased to have these talented leaders join the BrandSafway team, said John Krenicki, chairman of the board and acting CEO. Global Corporate Headquarters 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. Mr. Schumacher has served as a member of our Board since 2015. The people, governance practices, and partners that make the organization tick. Banners will include Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Albertsons, ACME, Jewel-Osco, Lucky, Shaw's, Star Market, Super Saver, United Supermarkets, Market Street and Amigos. 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.". The merger agreement was unanimously approved by the Board of Directors of Safeway. There is no assurance that any payments will be made with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the closing of the Merger. 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.". Safeway will soon be initiating a process to sell PDC. and Albertsons announced today a definitive agreement under which AB Acquisition LLC ("AB Acquisition") will acquire all outstanding shares of Safeway (the "Merger"). If you experience any issues with this process, please contact us for further assistance. Cameron Thistle works as a Director, Retail Support at Safeway Canada, which is a Retail company with an estimated 170 employees. Sharon L. Allen Director. 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. 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. GuideStar worked with BoardSource, the national leader If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend. Contact. 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. If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend. General Manager and Vice President of Information Technology at Safeway Philtech . PLEASANTON, Calif. and BOISE, Idaho, March 6, 2014 /PRNewswire/ -- Safeway Inc. (NYSE: SWY) and Albertsons announced today a definitive agreement under which AB Acquisition LLC ("AB Acquisition") will acquire all outstanding shares of Safeway (the "Merger"). Jack Sinclair Board Member. Safeway does not intend to disclose developments with respect to the solicitation process unless and until its Board has made a decision with respect to any potential superior proposal. This press release contains certain forward-looking statements about the future performance of Safeway, including about the combined Safeway/Albertsons business (the "Combined Entity"). Want to see how you can enhance your nonprofit research and unlock more insights? No store closures are expected as a result of this transaction. The 25th annual Food Safety Summit is the industry's premier event connecting food safety professionals throughout the supply chain with timely, actionable information and practical solutions to improve food safety! A-1 Mr. Schumacher has also served on the board of Warrior Met Coal, Inc., a leading producer and exporter of metallurgical coal for the global steel industry, since April 2017, Evertec Inc., a leading electronic transactions and technology company in Latin America, since 2015, Blue Bird Corporation since 2008, and as director of BlueLinx Holdings Inc., a distributor of building products, from 2004 to 2021. Steve Thomas works as a General Manager and Vice President of Information Technology at Safeway Philtech, which is a Custom Software & IT Services company with an estimated 115 employees. This organization is required to file an IRS Form 990 or 990-EZ. An RFP is released on an annual basis by invitation only. Safeway is part of the Grocery Retail industry, and located in California, United States. Item 10. Mr. Donald has served as Co-Chairman of our Board since 2019. Register now. WebBoard N-1 President & CEO Vivek Sankaran Move Vice Chairman Of The Board Kevin Turner Move Co-Chairman Jim Donald Move Co-Chairman of the Board Chan Galbato WebSafeway has 7 board members and advisors, including Jack Sinclair. ", Respond: Write a letter to the editor | Write a guest opinion. Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group. The merger agreement was unanimously approved by the Board of Directors of Safeway. They are part of Read More Cameron Thistle's Phone Number and Email Last Update 4/30/2023 6:28 AM Email c***@safeway.ca Engage via Email Contact Number (***) ***-**** Engage via Phone Officers, directors, trustees, and key employees, Analyze a variety of pre-calculated financial metrics, Access beautifully interactive analysis and comparison tools, Compare nonprofit financials to similar organizations, Revenue and expense data for the current fiscal year, CEO, Board Chair, and Board of Directors information, *with the ability to download the data for 2020, 2019, 2018, 2017, 2016. Participants in the Solicitation Schulte Roth & Zabel LLP served as lead outside legal counsel to Albertsons, Cerberus and the investor group, and Dechert LLP, Schulte Roth & Zabel LLP and Baker Botts LLP served as outside legal counsel on antitrust matters. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. The initial go-shop period is 21 days. Item 10. He also served as a member of the Federal Accounting Standards Advisory Board from 2002 through June 2012. AB Acquisition is the owner of Albertson's LLC and New Albertson's, Inc. (collectively "Albertsons") and is controlled by a Cerberus Capital Management, L.P. ("Cerberus")-led investor group, which also includes Kimco Realty Corporation (NYSE:KIM), Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation. Under certain circumstances, if the Merger fails to close, AB Acquisition would be required to pay Safeway $400 million. Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. On a combined basis, the value of the CVRs is estimated in the range of $3.45 to $3.85 per share. I am excited to join BrandSafway, a market leader with an outstanding team, a strong commitment to safety, and the broadest portfolio of services and products in the industry, said Fessenden. WebB. 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? DELTA NEWS ON THE GO. Contact the Board of Directors. What are the organization's current programs, how do they measure success, Summary Programs + Results Financials Operations. A replay of the call will be archived at www.Safeway.com. The Merger does not alter Safeway's previously announced plan to distribute the remaining 37.8 million shares of Blackhawk stock that it owns to its shareholders in mid-April and prior to the completion of the Merger. Safeway was not a one man band and the acts were not ratified by Safeways board of directors. 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. PDC's portfolio consists of 25 properties with an estimated three million square feet, and is comprised of 11 operating assets, nine projects under construction, and five projects in the due diligence and entitlement phases. From 2012 to 2014, Ms. West served as Executive Vice President & Chief Category and Marketing Officer of Mondelez International, Inc., the snack foods division spun off from Kraft Foods, Inc. in 2012. The monetization of its 49% equity interest in Mexico-based food and general merchandise retailer Casa Ley, S.A. de C.V. ("Casa Ley"). WebSafeway has 1 board of directors, including George Morrow. He co-led the firms North American purchasing and supply management practice and was on the leadership team of the North American retail practice. The monetization of its 49% equity interest in Mexico-based food and. Do Not Sell My Personal Data/Privacy Policy. Over his ten-year career at PepsiCo, in addition to leading Frito-Lay, Vivek also served as the chief commercial officer for PepsiCo North America, Chief Customer Officer of Frito-Lay, and as the Senior Vice President of Strategy for PepsiCo. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. We are excited about continuing this momentum as a combined organization.
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