Albertsons Cos. Inc., currently embroiled in legal and regulatory challenges regarding its proposed $24.6 billion sale to Kroger Co., awarded its new Chief Legal Officer Thomas Moriarty a total compensation package valued at more than $4.7 million for the 2023 fiscal year. The details of Moriarty’s remuneration were disclosed in a proxy statement filed on June 21.
Moriarty assumed the role almost a year ago, succeeding Juliette Pryor, and received approximately $1.2 million in cash and nearly $3.5 million in stock awards. His base salary is set at $900,000 per year. Despite multiple attempts, neither Albertsons nor Moriarty have commented on the recent disclosure. Moriarty’s appointment at Albertsons follows his long tenure as the chief legal officer at CVS Health Corp. last year, succeeding Pryor, who moved to Lowe’s Cos.
The merger between Albertsons and Kroger is being scrutinized by the Federal Trade Commission (FTC), which filed a lawsuit in February on antitrust grounds. Both companies had already agreed to divest hundreds of stores in an attempt—a move that ultimately failed—to facilitate the merger. Legal representation for Albertsons includes prominent firms such as Wachtell, Lipton, Rosen & Katz; Jenner & Block; Debevoise & Plimpton; and White & Case.
According to the latest proxy filing, if Moriarty faces termination without cause or opts for departure under “executive for good reason” within a “change in control,” he stands to receive nearly $6.9 million in total compensation. Additionally, he holds a $2.7 million special incentive retention award connected to the Kroger transaction.
To further incentivize key executives during this unstable period, Albertsons has made additional adjustments to its corporate structure. Bipasha Mukherjee was promoted to corporate secretary in May 2023, taking over from Pryor, while former senior regulatory counsel Chalana Damron transitioned to a lead role in Walmart Inc. late last year.
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