Steven Burd
{{Short description|American businessman}}
{{Infobox person
| name = Steven Burd
| image = Barack Obama meets with business leaders 5-12-09.jpg
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| caption = Burd (middle) meets with President Barack Obama along with other business leaders on May 12, 2009.
| birth_name = Steven A. Burd
| birth_date = {{birth year and age|1949}}{{Citation needed|date=July 2014}}
| birth_place = Valley City, North Dakota, U.S.
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| alma_mater = Carroll University (B. S.)
University of Wisconsin–Milwaukee (M. A.)
| employer =
| occupation = President, Chairman & CEO at Safeway Inc (1992–2013), President & CEO at Burd Health LLC (2013-present)
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| party = Republican{{Citation needed|date=July 2014}}
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| boards = Kohl's
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Steven A. Burd (born 1949) is an American businessman.{{cite web|url=https://www.forbes.com/profile/steven-burd/ |archive-url=https://web.archive.org/web/20120908003622/http://www.forbes.com/profile/steven-burd/ |url-status=dead |archive-date=September 8, 2012 |title=Forbes |website=Forbes |date=2012-04-18 |accessdate=2013-10-22}} He served as chairman, president and CEO of Safeway Inc. from October 26, 1992, to May 14, 2013.{{cite web|url=http://www.safeway.com/ShopStores/Investors#iframetop |title=Safeway Board of Directors |publisher=Safeway.com |date= |accessdate=2013-10-22}} He is a member of the Republican Party.{{Citation needed|date=July 2014}}
Early life
Burd received a Bachelor of Science degree in Economics from Carroll University in 1971[http://www.carrollu.edu/alumni/awards/DAABurd96.asp Steven A. Burd '71, 1996 Distinguished Alumnus Award for Professional Achievement ], Carroll University and a master's degree in economics from the University of Wisconsin–Milwaukee in 1973.[http://www4.uwm.edu/alumni/about/famous.cfm A Few of UWM's Noted Alumni], University of Wisconsin–Milwaukee[https://www.forbes.com/lists/2006/12/TEZE.html Steven A Burd], Forbes
Career
Burd was President of Safeway from October 26, 1992, until May 14, 2013, and CEO from April 30, 1993, until May 14, 2013. He joined the Board of Directors on September 7, 1993, and served as chairman of the board between May 12, 1998, and May 14, 2013. While CEO of Safeway in 2009, he earned a total compensation of $10,901,892, which included a base salary of $1,449,000, a cash bonus of $358,627, stock awards of $491,611 and options granted of $6,922,200. Steven Burd will receive another $7.5 million in stock as a result of the transaction that combines Safeway and Albertsons supermarket chain. [http://www.contracostatimes.com/News/ci_26217947/Shareholders-approve-Safeways-92-billion-sale-to-Albertsons]
Burd spearheaded the innovative "Healthy Measures" insurance plan offered to Safeway employees.Steven A. Burd, [https://online.wsj.com/news/articles/SB124476804026308603 How Safeway Is Cutting Health-Care Costs], The Wall Street Journal, June 12, 2009 In this plan, employees get discounts on their health insurance if they show qualified performance in four "tests": tobacco usage, healthy weight, blood pressure and cholesterol levels. Employees can get as much as an $800 annual premium reduction. He founded the Coalition to Advance Healthcare Reform in order to promote similar health policies nationally.
In January 2010, the Washington Post reported that Burd's assertion in June 2009 that Safeway's per capita health-care costs between 2005 and 2009 were flat was in fact true, but had nothing to do with incentives for employees. Those incentives weren't implemented until 2009, and the company forecast that per capita expenses for its employees would rise by 8.5 percent for the 2009 year.{{Cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2010/01/15/AR2010011503319_pf.html|title=Misleading claims about Safeway wellness incentives shape health-care bill|last=Hilzenrath|first=David S.|date=January 17, 2010|newspaper=Washington Post|access-date=March 11, 2017}}
{{As of|2013}}, Burd sits on the Board of Directors of Kohl's. In September 2013, Burd also founded Burd Health LLC with the intent to help companies lower the costs of their own healthcare plans.
Theranos Scandal
Burd led the initiative to partner with Theranos and build wellness centers in Safeway stores. The deal made Safeway the exclusive grocery store provider of Theranos technology and spawned a secret, internal project called “T-Rex” to create wellness centers in their stores. Safeway spent $350 million renovating over 800 stores to support these centers. According to former employees, he managed the partnership directly with Theranos CEO Elizabeth Holmes.
In 2012, Burd told investors and that the grocery chain was “contemplating a significant…wellness play.” During the implementation of the project, Safeway had Theranos conduct blood testing at their headquarters clinic that compared Theranos test results with those of traditional blood testing methods. However, these results showed inconsistencies between the two methods. According to two former executives, Burd was told about the inconsistent results. Burd told them that he had been reassured by Elizabeth Holmes and continued to support the project.
In April 2013, when asked by analysts about the wellness play he had alluded to in earlier calls, he said “It hasn’t happened yet.” Burd retired from Safeway the next month. No Theranos devices were ever successfully deployed in Safeway stores and in November 2015, Safeway and Theranos formally ended their relationship.{{Cite news|url=https://www.wsj.com/articles/safeway-theranos-split-after-350-million-deal-fizzles-1447205796|title=Safeway, Theranos Split After $350 Million Deal Fizzles|last=Carreyrou|first=John|date=2015-11-11|work=Wall Street Journal|access-date=2019-02-03|language=en-US|issn=0099-9660}}
On October 6, 2021, Burd testified in the Theranos trial and gave details about the failed multimillion-dollar remodel of the Safeway stores. He gave evidence that Safeway spent $300 million to build out clinics in hundreds of Safeway stores and the strategy of the partnership was, "while you’re shopping and before you leave you’re going to get the results of that blood test."{{cite news |last=Khorram |first= Yasmin |url=https://www.cnbc.com/2021/10/06/former-safeway-ceo-says-theranos-delays-raised-red-flags.html |title=Former Safeway CEO says Theranos delays raised red flags as emotional juror is dismissed from case |work=CNBC |date=2021-10-06 |accessdate=2021-12-08 }} Burd also testified that Holmes told them the Theranos blood testing technology was deployed by the U.S. military in the Middle East.{{cite news |last=Khorram |first= Yasmin |url=https://www.cnbc.com/2021/12/07/elizabeth-holmes-admits-gave-journalist-wrong-info-for-theranos-story.html |title=Elizabeth Holmes admits she gave journalist incorrect info for Theranos cover story |work=CNBC |date=2021-12-07 |accessdate=2021-12-08 }}
Personal life
Burd is married to Chris and has two children. He is a born-again Christian{{cite web | url=http://www.referenceforbusiness.com/biography/A-E/Burd-Steven-A-1949.html | title=Steven A. Burd 1949— Biography - Railroad to consulting, Ailing chains, Turning safeway around }} and lives in Alamo, California.[http://sanfrancisco.cbslocal.com/2015/10/29/former-safeway-president-among-east-bays-biggest-water-users/ Former Safeway President Among East Bay’s Biggest Water Users « CBS San Francisco] Retrieved 2016-11-21.
References
{{Reflist}}
- {{C-SPAN|1024785}}
{{Albertsons Companies}}
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Category:California Republicans
Category:Carroll University alumni
Category:North Dakota Republicans
Category:People from Barnes County, North Dakota
Category:Businesspeople from North Dakota
Category:University of Wisconsin–Milwaukee alumni