On Feb. 2, the J.P. Morgan security company downgraded Safeway stock, saying ?recent departures of management (and the CEO selling 25 percent of his vested stock) do not give us comfort in the 12 month outlook for the company or its stock price.? In late January, CL King & Associates research director Gary Gibben said of Burd: ?As right as he was for the company at one time, he may be the wrong guy now.? In fact, Safeway stock has lost 50 percent of its value over the past three years because of costly, failed acquisitions.
And in December, the California Public Employees? Retirement System (CalPERS), the state?s government workers? pension fund and the nation?s largest public retirement plan, formally asked the chairs and CEOs of Safeway, Albertsons and Kroger to ?fairly and expeditiously? resolve the dispute with the UFCW. ?Fundamental to the fair treatment of employees is a reasonable health care plan that provides basic health care for your workers,? the letters said. ?In addition we feel that your corporation?s blatant disregard for quality of life issues for your long term employees is having a significant impact on our investment in your corporation.?
And in December, the California Public Employees? Retirement System (CalPERS), the state?s government workers? pension fund and the nation?s largest public retirement plan, formally asked the chairs and CEOs of Safeway, Albertsons and Kroger to ?fairly and expeditiously? resolve the dispute with the UFCW. ?Fundamental to the fair treatment of employees is a reasonable health care plan that provides basic health care for your workers,? the letters said. ?In addition we feel that your corporation?s blatant disregard for quality of life issues for your long term employees is having a significant impact on our investment in your corporation.?