Safeway names new CEO

Justin Sullivan/Getty Images

NEW YORK Safeway (SWY) has named company president Robert Edwards as its new CEO, to succeed Steven Burd when he retires in May.

The supermarket chain announced in January that Burd would retire this spring after more than 20 years with the grocer.

Edwards, 57, has served in a number of leadership positions since joining the company in 2004. Before Safeway, Edwards was a senior executive with Maxtor, Imation (IMN) and Santa Fe Pacific.

Burd has been CEO of Safeway since 1993 and was named chairman in 1998. Edwards will join the board upon taking his new position.

Safeway said that T. Gary Rogers, the company's lead independent director, will become non-executive chairman following Burd's retirement.

The company, based in Pleasanton, Calif., operates 1,638 stores in the U.S. and Canada.

Shares of Safeway rose 20 cents to close at $23.51 amid a broad market rally and added three cents in after-hours trading following the announcement.

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

Market News

Stock Watchlist