Frank Bruno
Albertsons CompaniesAbout Frank Bruno
Frank Bruno, age 60, is CEO and Chief Investment Officer of Cerberus Capital Management and was designated to the Albertsons Companies (ACI) Board in February 2025; he is not independent due to his affiliation with ACI’s largest shareholder under the Stockholders’ Agreement. He previously served as Co‑CEO of Cerberus from 2018–2025 and originally joined Cerberus in 1998, bringing extensive strategic investment expertise and global markets experience to ACI’s Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cerberus Capital Management | CEO & Chief Investment Officer | 2025–present | Strategic investment leadership; risk mitigation and portfolio oversight |
| Cerberus Capital Management | Co‑CEO | 2018–2025 | Co-led firm operations and investment strategy |
| Cerberus Capital Management | Joined firm | 1998 | Long-term investment and markets experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various private company boards | Director | Not disclosed | Private boards; specific committees not disclosed |
Board Governance
- Independence: Not independent (Cerberus designee under Stockholders’ Agreement) .
- Committee assignments: None; Bruno is not listed on Audit, Compensation, Governance, Technology, or Finance Committees .
- Board chair roles: None; James Donald is independent Chair of the Board .
- Years of service: Director since 2025 .
- Attendance: FY2024 attendance data excludes Bruno due to appointment on Feb 21, 2025; no attendance rate disclosed for Bruno .
- Executive sessions: Board holds regular executive sessions of non‑management directors each meeting .
Fixed Compensation
| Director Compensation Element (FY2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer – Non‑management Board Chair | $200,000 | Paid quarterly |
| Annual cash retainer – Non‑management Board Member | $125,000 | Paid quarterly |
| Committee Chair fees – Audit | $50,000 | |
| Committee Chair fees – Compensation/Governance/Finance/Technology | $40,000 each | |
| Committee Member fees – Audit | $25,000 | |
| Committee Member fees – Compensation/Governance/Finance/Technology | $20,000 each | |
| Annual TBRSU grant (directors) | $145,000 grant-date value; vests last day of fiscal year; DERs accrue | Grant date is first business day of fiscal year |
| Frank Bruno – FY2024 Director Compensation | Fees Earned or Paid in Cash | Stock Awards | Total |
|---|---|---|---|
| Appointment Feb 21, 2025 | N/A | N/A | N/A |
- Director share retention: Non‑management directors must retain at least 50% of shares received from equity awards; all directors were in compliance as of June 20, 2025 .
Performance Compensation
| Director Equity Design | Metric | Target/Payout | Vesting |
|---|---|---|---|
| Time‑Based RSUs (TBRSUs) | None (time-based) | Fixed grant value $145,000; number determined by share price on grant date | Vests at fiscal year-end; DERs accrue and vest with units |
No performance-linked equity is disclosed for directors; Bruno did not receive FY2024 awards due to appointment date .
Other Directorships & Interlocks
| Entity | Relationship | Interlock/Influence | Detail |
|---|---|---|---|
| Cerberus Capital Management | CEO & CIO | Largest stockholder with right to designate up to 4 directors tied to ownership thresholds (≥20% = 4; ≥10% = 2; ≥5% = 1 director + 1 observer) | Cerberus beneficially owns 151,818,680 shares (26.9%); Bruno and Lisa Gray disclaim ownership of Cerberus shares |
| ACI Board structure | Cerberus designees | Bruno (2025), Lisa Gray (2023); prior designees rotated (Feinberg, Galbato) | Reinforces sponsor influence and nomination rights |
Expertise & Qualifications
- Strategic investment, global markets, portfolio management; risk mitigation; strategic planning and growth .
- Adds perspective on capital allocation, financings, transactions; complements Finance and Technology governance focus even without formal committee seats .
Equity Ownership
| Holder | Shares | % of Outstanding | Notes |
|---|---|---|---|
| Frank Bruno | — (none disclosed) | — | Disclaims beneficial ownership of Cerberus shares |
| Cerberus Capital Management | 151,818,680 | 26.9% (of 563,990,471 shares) | Schedule 13G/A; largest stockholder |
- Director share retention compliance: All directors in compliance as of June 20, 2025 .
- Pledging/hedging: Company policy restricts short sales and speculative trading by officers and directors; pledges/hedges must be pre‑cleared .
Related Party Transactions (Conflict Exposure)
| Counterparty | Nature | Amount (FY2024) | Oversight |
|---|---|---|---|
| Cerberus Technology Solutions (affiliate) | IT advisory & implementation services to modernize information systems | ~$4.0 million | Audit Committee must approve related party transactions |
| Cerberus Operations & Advisory Company (affiliate) | Consulting for operational improvements | Immaterial | Audit Committee oversight |
The Audit Committee has delegated authority to approve/ratify related party transactions under a formal policy, with procedures for prior approval or ratification if approval is not practicable .
Governance Assessment
- Independence and sponsor influence: Bruno is not independent and is a Cerberus designee; Cerberus holds 26.9% and has formal director nomination rights—a structural influence that can pose alignment questions for minority shareholders, especially given concurrent fee‑for‑service engagements with Cerberus affiliates .
- Committee participation: No committee assignments for Bruno; this limits direct oversight roles (Audit/Compensation/Governance/Finance/Technology) and reduces exposure to potential conflicts in committee decision-making .
- Director pay alignment: ACI uses market‑aligned cash retainers and annual TBRSUs with share-retention requirements; Bruno did not receive FY2024 director pay due to timing, but the program broadly supports ownership alignment via equity and retention guidelines .
- Board effectiveness: Independent Chair structure, regular executive sessions, high independence ratio (73% of nominees) and robust governance framework (clawbacks, ownership guidelines, majority voting) support board oversight quality, though sponsor representation remains a key consideration .
- Shareholder sentiment: 2024 say‑on‑pay approval was 90.3%, indicating broad investor support for ACI’s pay-for-performance design; not Bruno-specific but relevant to governance confidence .
- RED FLAGS:
- Not independent; sponsor designee from largest shareholder .
- Related party fees to sponsor affiliates (IT and advisory services) .
- Concentrated ownership with ongoing nomination rights, heightening potential interlocks and influence .