PLEASANTON, Calif. — Safeway Inc. chairman and chief executive officer Steve Burd says he will retire later this year.

Safeway Inc. chairman and chief executive officer Steve Burd says he will retire later this year.

Burd, who has held the top spot at Safeway since 1993, will step down as CEO and as a director at the company’s annual stockholders meeting on May 14.

The company says it will immediately begin a search for a successor. Burd will help with the search and will continue to assist the company after he steps down.

Burd joined Safeway in October 1992 as president and was appointed CEO eight months later.

"I feel this is the right time to move forward with a transition plan," the 63-year-old Burd says. "The company is gaining market share with each passing quarter. We have developed the most sophisticated digital marketing platform in retail, we are implementing the most comprehensive and personalized fuel loyalty program, and we will be rolling out a wellness initiative that has the potential to transform the company."

A Safeway spokesman says that during his tenure with the company Burd established "a culture of thrift and capital discipline, creating an industry-leading customer service program, developing the ‘Lifestyle’ store format and introducing a level of quality in perishable products that had never been seen in food retailing."