Wrong Peter Lynch, LOL (as if it mattered anyhow): "Peter Lynch Appointed to Albertson's, Inc. Board of Directors
BOISE, Idaho, July 18 /PRNewswire/ -- Albertson's, Inc., (NYSE: ABS)
announced today 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."
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.
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.
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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tbutton.prnewswire.com SOURCE Albertson's, Inc.
/CONTACT: Investor Relations, Renee Bergquist, +1-208-395-6622, or News
Media, Ertharin Cousin, +1-208-395-6392, both of Albertson's, Inc./
/Web site: albertsons.com /
(ABS) CO: Albertson's, Inc. ST: Idaho IN: SUP FOD REA SU: PER |
