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Winn-Dixie Switches CEOs

Winn-Dixie Switches CEOs

The food and drug store chain hires Albertson's president and COO to turn around the company.
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The food and drug store chain hires Albertson's president and COO to turn around the company.

Winn-Dixie Stores

(WIN) - Get Free Report

Friday announced a sudden change in CEOs, saying the move was a "necessary step toward achieving our objectives."

Peter L. Lynch has replaced Frank Lazaran effective today. Lynch, 53, most recently served for three years as president and COO of

Albertson's

(ABS)

.

In a statement, Winn-Dixie called Lynch an "accomplished industry veteran with strong turnaround skills."

In November, Standard & Poor's said it would drop the Florida-based food and drug retail chain from its

S&P 500

index. In October, the company reported a loss of $153 million, or $1.09 a share, in its fiscal first quarter ended Sept. 22, compared with a profit of $1.2 million, or a penny a share, in the year-ago period. Revenue fell 3% to $2.34 billion.

Shares jumped 39 cents, or 9.7%, to $4.40 in the premarket Friday. Shares were at $10 about a year ago.