Any time one of Boise’s big companies gets a new CEO, the first thing employees and community leaders think about is geography.
Will the new CEO move here? Will the company go to him?
But buried deep in a filing Friday with the Securities & Exchange Commission, it’s clear the reconstituted Albertsons will bring new CEO Vivek Sankaran to Boise.
Albertsons named Sankaran CEO in a surprise news release Friday.
“The company shall reimburse the executive for at least six months of temporary housing in the Boise, Idaho area at a reimbursement rate not to exceed $4,500 per month,” the filing notes.
Sankaran will also be paid up to $75,000 for “relocation expenses incurred in connection with his relocation of his residence to the Boise, Idaho area.”
Sankaran gets a three-year contract, with base pay of $1.5 million per year, plus a $10 million sign-on retention award, and a bonus structure.
Sankaran the latest CEO
He is the company’s fourth announced CEO in just more than a year. The company announced last year it would merge with Rite Aid, and that company’s CEO John Standley would take the reins of the combined company. The merger fell apart, and long-time CEO Robert Miller stayed on as CEO.
Then, company COO Jim Donald stepped up to the CEO role in September. Now Sankaran takes over for Donald.
Both Miller and Donald will remain on the company’s board of directors. Miller in the role of chairmen emeritus, and Donald in the role of co-chairman.
Sankaran will start his new job April 25th, according to the SEC filing.
Albertsons Companies is the nation’s third-largest private company, with more than $60 billion in annual revenue.