Albertsons Companies has announced that Chief Executive Officer Vivek Sankaran will step down, effective May 1. Susan Morris, the company’s operating chief, will take over as CEO and join the board of directors. This move comes as part of a planned retirement plan for Sankaran. The Boise-based grocery chain’s stock price dropped by 1.66% after the announcement. Kroger, another major player in the industry, saw its shares fall by 2.98%. Sankaran faced regulatory challenges during his tenure over the merger deal with Kroger. Morris’ appointment is seen as a continuation of the company’s strategic plans. The move marks a significant change in leadership for Albertsons Companies.
Source: https://www.wsj.com/business/retail/albertsons-ceo-vivek-sankaran-to-depart-operating-chief-morris-named-successor-10adbf48