What happened
Shares of Albertsons (ACI +1.62%) jumped 17% on Tuesday after the grocer announced a key hiring.
So what
Sharon McCollam will become Albertsons' president and chief financial officer on Sep. 7. She will replace Bob Dimond, who is retiring but will serve as an advisor until February 2022.
McCollam previously served as Best Buy's (BBY 0.43%) executive vice president and CFO. She is widely credited with helping to spearhead the electronics retailer's "Renew Blue" turnaround program, which helped to bolster Best Buy's e-commerce capabilities and revive its struggling store base.
Image source: Getty Images.
McCollam will oversee Albertsons' financial, technology, and supply-chain operations, among others. She will work closely with CEO Vivek Sankaran in areas such as corporate strategy and the company's increasingly important digital initiatives.
"We are entering the next phase of our transformation, centered on building deeper relationships with customers through data, technology, and connected omnichannel solutions," CEO Vivek Sankaran said in a press release. "Sharon has done just this throughout her career."
Now what
McCollam will certainly have her hands full. She's essentially being tasked with going head-to-head with e-commerce heavyweights Amazon, Walmart, and Target -- all of which have been investing heavily in their online grocery operations.
Still, McCollam is undeterred by this fierce competition. "I could not be more excited to take on this challenge," she said.
Judging by Albertsons' share-price gains today, investors appear to like her chances of success.
