Albertsons Companies Inc. (NYSE:ACI) has appointed Harmit Singh, executive vice president and chief financial and growth officer of Levi Strauss & Co., to its board of directors, expanding the board to 15 members as the supermarket operator works to improve financial performance and accelerate its business transformation.
The appointment, effective October 15, comes amid a broader restructuring of Albertsons’ board and leadership oversight following disappointing financial results and the launch of a comprehensive review of the company’s operations and cost structure.
Singh, who has more than 40 years of financial, operational and strategic leadership experience, will retire from Levi Strauss on November 30 following a planned transition.
He will serve on Albertsons’ Audit & Risk Committee and Governance, Compliance and ESG Committee beginning October 26. The company said its board has determined that Singh qualifies as an independent director under New York Stock Exchange rules.
Board Expansion Accompanies Business Review
Singh’s appointment follows the September 30 addition of three other directors: Bill Boltz, Chris Drumgoole and Meg Ham. The latest appointment increases the board’s membership from 14 to 15.
Albertsons also disclosed committee assignments for the three previously appointed directors, effective October 26.
Boltz will serve on the Audit & Risk and Finance committees. Drumgoole will join the Technology Committee, while Ham will serve on the Audit & Risk and Compensation committees.
The appointments come as Albertsons CEO Susan Morris and executive chair Meg Whitman oversee a comprehensive business review aimed at improving store execution, simplifying operations and reducing costs.
The company has acknowledged that its recent financial performance has fallen short of its potential and is evaluating opportunities to improve productivity, strengthen its competitive position and redirect capital toward higher-performing markets.
“We continue to strengthen our board with capabilities that support Albertsons’ next phase of growth,” Whitman said in announcing Singh’s appointment.
Whitman said Singh’s experience improving performance at large consumer-facing businesses would support the company’s strategic priorities.
Singh Brings Finance and Transformation Experience
At Levi Strauss, Singh oversees finance, investor relations, information security, strategic sourcing, real estate, franchise expansion, mergers and acquisitions, divestitures and the company’s transformation office.
He also leads Levi Strauss’ global productivity initiative, which focuses on improving the company’s cost structure and profitability.
During his tenure, Singh helped guide Levi Strauss’ return to public ownership through its 2019 initial public offering and supported the expansion of its global retail operations.
Before joining Levi Strauss, Singh served as executive vice president and chief financial officer of Hyatt Hotels Corp., where he helped lead the company’s initial public offering and international growth.
Earlier, he spent 14 years at Yum! Brands in senior financial and operational positions, including chief financial officer of Yum! Restaurants International and Pizza Hut. He also held financial leadership positions at American Express and PricewaterhouseCoopers.
Singh currently serves on the boards of Planet Fitness Inc. and Sutter Health. His previous directorships include The AZEK Co., OpenText Corp. and Buffalo Wild Wings.
Morris said Singh’s experience in finance, operations, technology and large-scale organizational change would provide additional perspective as Albertsons works to improve its performance.
Albertsons Faces Pressure to Improve Results
The board changes come at a critical period for the Boise, Idaho-based supermarket operator, which is pursuing operational improvements following disappointing earnings and renewed pressure on profitability.
Albertsons has identified store standards, customer value, technology deployment and organizational complexity as areas requiring attention. Its review also includes evaluating the company’s store portfolio and concentrating investment in markets where it holds stronger competitive positions.
The company has said it expects to provide additional details of its multiyear improvement strategy during the fourth quarter.