BOISE — Gary G. Michael, chairman of the board and chief executive officer of Albertson's Inc. said Thursday he plans to retire at the company's next annual meeting, set for June.
Michael, 60, has spent 35 years with Albertson's, including 10 years as CEO.
The company's board of directors will immediately form a search committee to review candidates to succeed Michael.
The food and drug chain with more than 2,500 retail stores in 36 states across the United States also said Thursday that the board has increased the current $500 million stock purchase program by an additional $1 billion, for a total of a $1.5 billion authorization for the purchase of company common stock.
The revised stock purchase program authorizes, but does not require, the company to purchase and retire up to $1.5 billion of the stock beginning April 25 and ending Dec. 6, 2001.
Through the third quarter, the company had purchased and retired a total of 14.6 million shares of common stock under this program at a total cost of $350 million.