Albertsons announced it hired a new president and chief financial officer. This announcement comes on the heels of longtime CFO Bob Dimond’s retirement from the company.
His replacement will be Sharon McCollamwho retired from Best Buy in 2016 where she served as Executive Vice President, Chief Administrative, and Chief Financial Officer.
She is most commonly known for her impact on Best Buy’s Renew Blue turnaround in 2012. Before that, she alsoled a massive turnaround as CFO at Williams-Sonoma.
“In addition to her proven financial leadership, McCollam brings broad retail and omni-channel operational expertise that will help accelerate the achievement of the Company’s goals,” the company noted in a news release.
McCollam will start in September and will report to Vivek Sankaran, Albertsons Cos. Chief Executive Officer.
“I am thrilled to have Sharon join the Albertsons team,” Sankaran said. “We are entering the next phase of our transformation, centered on building deeper relationships with customers through data, technology, and connected omni-channel solutions.”
Meanwhile, Bob Dimond, who was with Albertsons for more than 33 years, will continue as an advisor through February 2022.
“He has established a strong foundation for our finance team and was extremely instrumental in our IPO,” Sankaran said of Dimond’s retirement. “Bob helped us deliver consistent financial results, improve our balance sheet, and elevate the level of investment in our business.”
Albertsons worked to infuse technology and new initiatives to the company in recent years under Sankaran. It announced strong results in its most recent quarter.
The twists and turns of Albertsons
Albertsons’ history gets a bit complicated at times. Joe Albertson founded the chain in Boise in 1939 – and it slowly, steadily grew over the years. In 1999, the company bought Utah-based American Stores and for a time grew to the largest grocer in the nation.
In 2001, Larry Johnston took over as CEO and Chairman. After five tumultuous years, the company sold itself off in 2006. Standalone drugstores went to CVS and rebranded. The bulk of the grocery stores, 1,124, including those in Idaho, were sold to Supervalu. A new company was formed to take over 661 so-called “underperforming” Albertsons stores, led by a consortium of investors led by Cerberus Capital. The Cerberus stores were based in Boise – despite not owning the locations here.
In 2013, after Supervalu struggled with the stores it bought, it sold them to the Cerberus-led company – reassembling the bulk of the grocery company. Headquarters for the company remained in Boise – and now included oversight of the Boise-area stores.
In 2014, Albertsons purchased Safeway – and in the years since worked to transition to many of Safeway’s back office functionality.