EXHIBIT 99.1











                                                                 April 24, 2001

FOR IMMEDIATE RELEASE


              ALBERTSON'S, INC., SELECTS GE'S LAWRENCE R. JOHNSTON
                          CHAIRMAN OF THE BOARD AND CEO

     The  board of  directors  of  Albertson's,  Inc.  (NYSE:  ABS),  one of the
nation's  largest food and drug  retailers,  today  announced the appointment of
Lawrence R. Johnston,  52, a senior  executive of General Electric  Company,  as
chairman, chief executive officer and a director.

     As president  and chief  executive  officer of GE  Appliances  Division,  a
nearly $6 billion global business,  Johnston  reported directly to John F. Welch
Jr., GE's chairman and CEO.  Johnston also served as a member of GE's  Corporate
Executive Council.

     "Larry  brings a wealth  of  experience  in  general  management,  consumer
marketing and selling to retailers,  plus the proven ability to drive profitable
growth," said Paul I. Corddry,  an Albertson's  director and chairman of its CEO
search  committee.  "He spent  most of his GE career in that  company's  largest
consumer business, GE Appliances, with products including refrigerators,  ovens,
dishwashers, air conditioners, washers and dryers. GE has proved to be a fertile
spawning ground for results-driven executives,  many of whom have been recruited
as CEO's by other  companies,  and we are delighted  that Larry has accepted our
offer to lead Albertson's forward into the 21st century," said Corddry.

     Johnston  succeeds  Gary  Michael,  60, as  Albertson's  chairman  and CEO,
effective immediately and, as previously  announced,  Michael will remain on the
board until the Company's Annual Meeting on June 14, 2001.

     "I'm looking  forward to working  closely with Larry to build upon our rich
foundation  and to take our  Company to new  heights.  Larry has an  outstanding
record of success,  and I am pleased that someone with his extensive  experience
and  strategic  vision will be leading our team," said Peter Lynch,  Albertson's
president and chief operating officer.

     "Under  Larry's   leadership,   GE  Appliances   accelerated   its  product
development,  ___ drove  productivity  improvements via  digitization,  launched
exciting new retail distribution concepts and significantly  improved its market
share," said Corddry, a former senior vice president of H.J. Heinz Company.  "He
will be targeting similar objectives, while focusing on the growth opportunities
afforded by Albertson's vast supermarket, drugstore and logistics network."



     "The supermarket and drugstore  industries are in a period of unprecedented
consolidation,"  Johnston said.  "Albertson's emerged as one of the great retail
companies  in America and is now well  positioned  to grow and deliver  improved
returns to its shareholders, while providing a superior value proposition to the
more than 1.5 billion  customers that shop with us each year.  There is enormous
unrealized  potential  in the Company and I am excited  about  working  with the
Albertson's team to tap this potential.

     "I look forward to taking the reins of this great Company from Gary Michael
and to working  closely  with Peter  Lynch who has done an  outstanding  job for
Albertson's,"  said  Johnston.  "I  feel  confident  that  this  will  ensure  a
successful and seamless transition of executive management."

     Prior to being named president of GE Appliances, Johnston was president and
CEO of GE Medical Systems - Europe,  headquartered  in Paris,  where he reported
directly to Jeffrey Immelt,  GE's recently named  president and  chairman-elect.
While in Europe,  Johnston was credited  with a  significant  turnaround  of his
unit's  revenues and profits,  consummated  several  acquisitions  and grew GE's
market  share  across  Europe,  the Middle East and Africa.  During his European
tenure,  Johnston  was  also  selected  by Welch as  chairman  of GE's  European
Executive Council, comprising all of GE's European business leaders.

     Johnston  joined GE in 1972 as a sales  trainee,  following his  graduation
from  Stetson  University,  Deland,  FL. In the past 28 years,  he has held both
domestic and  international  assignments in different GE businesses,  serving in
marketing, merchandising, sales and general management roles.

     Albertson's, founded in 1939 as a single grocery store in Boise, Idaho, had
sales of  $36.8  billion  in the  fiscal  year  ended  February  1,  2001.  With
headquarters in Boise, the Company currently  operates 2,536 retail stores in 36
states and has approximately  235,000 employees.  It does business under several
retail banners, including Jewel-Osco, Acme and Albertson's supermarkets, as well
as Osco and Sav-on drugstores.

     The Company does not undertake to update forward-looking statements in this
news release to reflect  actual  results,  changes in  assumptions or changes in
other factors affecting such forward-looking information.  Assumptions and other
information  that could cause  actual  results to differ from those set forth in
the  forward-looking  information can be found in the Company's filings with the
Securities and Exchange Commission, including the Company's Form 10-K.

                                * * * * * * * * *

CONTACT: Albertson's, Inc., Boise, Idaho
                  www.albertsons.com
                  Investor Relations
                     A. Craig Olson              208/395-6284
                     Renee Bergquist             208/395-6622
                  News Media
                      Ertharin Cousin            208/395-6477