Albertson’s CEO to Retire After 35 Years

Albertson’s Inc., the second-largest U.S. grocer, said Chief Executive Gary Michael will retire in June after 10 years at the helm. Michael, 60, is a 35-year veteran of Albertson’s. The company said its board will form a search committee to look for a successor. Officials were unavailable for comment. The Boise, Idaho-based company also said it tripled its stock buyback program to $1.5 billion from $500 million and said it plans to cut capital expenditures by $1.5 billion to $10 billion over five years. Shares of Albertson’s, which are down 30% this year, rose 81 cents to close at $22.50 on the NYSE.