NATION
- Share via
Richard G. Cline, who became head of Chicago-based Jewel Cos. last July in the midst of its billion-dollar takeover by American Stores Co., resigned as chairman, president and chief executive.
Cline, 49, said he had planned to stay through the transition of Jewel from a publicly held company to a wholly owned subsidiary of Salt Lake City-based American Stores. The deal, one of the largest retail mergers in corporate history, was completed in November. The merged company now operates more than 1,600 drug stores and supermarkets across the country, including Alpha Beta and Sav-on stores in California.
Cline took over as chief executive after the departure of Chairman Weston R. Christopherson shortly after American Stores acquired 71% of Jewel. The remainder was acquired last November.
No successor to Cline will be named. Cline said he is considering “half a dozen interesting things” but has no specific plans after his resignation takes effect Feb. 3.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
