Majority ownership of Raley’s Supermarkets has been transferred from his parents to Michael Teel, president and CEO — the third generation of the Raley family to own the company.
Teel is the grandson of founder Thomas P. Raley, who originally passed majority ownership to his daughter, Joyce Raley Teel, and her husband, Jim Teel. With the elder Teels passing majority ownership to Michael Teel, he will now control 92% of the company, while their four daughters will continue to equally share the remaining 8% ownership stake.
In a letter to employees, Jim and Joyce Teel wrote, “This is a significant accomplishment, as fewer than 12% of family businesses transition to a third generation. With Mike’s passion and vision, we have great faith he will guide and grow the business for future generations.”
West Sacramento, Calif.-based Raley's operates 126 stores in California and Nevada, with sales estimated at $3.2 billion.
The company said in a press release the Teel family is committed “to continuing family ownership for generations to come. This transition ensures the continued presence of a strong family-owned business.”
In a statement Michael Teel said, “My grandfather saw the potential in this area [in Northern California] 80 years ago. I want to continue that legacy and continue to invest in the Sacramento region. It’s poised for growth, and so are we. This is our home, and we’re here to stay.
In a message to employees posted on the company's website, Teel said: "At Raley's we support healthier people, a healthier planet and a healthier plate. It's the legacy the third generation will leave, and I'm so proud to be a part of it.
"The legacies of the generations before me have influenced my own sense of responsibility to my family's legacy. From this stems my personal purpose: helping people understand how better food choices can lead to better lives.
"I am confident we have a solid plan, a clear vision and mission and a strong team to support the next generation of Raley's.
"Our vision at Raley's is to infuse life with health and happiness by changing the way the world eats,one plate at a time. We will encourage better and healthier food choices as a trusted source for food, nutrition and wellness. We will leave the Earth better than we found it, supporting more responsible farming and more sustainable choices.
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"We'll integrate healthier options on our shelves, become trusted advisers in wellness and commit to environmental and agricultural sustainability.
"We'll focus on delivering world-class service in our stores and find new ways to connect with customers when and where they need us.
"We'll offer fresh products — the products our customers want and more — at fair and consistent prices.
"We'll invest in our people, offering a great place to work with common goals and values among passionate and dedicated team members."
