Former Safeway CEO Steven Burd testified during the criminal trial of Elizabeth Holmes about his company's decision to invest heavily in a partnership with her blood-testing startup Theranos that ultimately failed to get off the ground.
Burd, who served as CEO of the grocery chain from 1993 to 2013, said he was drawn to Theranos for its promise of being able to conduct blood tests faster, cheaper and without the need of a full laboratory. Burd said he saw the potential for customers to get their blood tests done while shopping and to use that service to bring more customers into Safeway stores.
What we learned this week in the trial of Elizabeth HolmesSafeway and Theranos signed a contract in September, 2010, according to Burd, with an anticipated financial commitment of $85 million. Of that, $30 million was earmarked for remodeling its stores -- an amount that Burd said"turned out to be very low." Burd said Holmes"appeared to be negotiating completely on her own," with no attorney involved in their discussions."I've never seen that done," he said.
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