SACRAMENTO, CA - Michael Teel, Raley’s CEO and President, as well as grandson of its founder, Tom Raley, is now the majority owner of the company.

Teel is being transferred ownership from his mother, Joyce Raley Teel, according to the Sacramento Business Journal.

“My grandfather saw the potential in this area 80 years ago,” Teel said in a statement, according to the report. “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.”

Teel was President and CEO of the company for an almost 14 year period ending in August of 2002, before returning to the post in 2010, where he has remained for the past five years.

While much of the financial details are being kept private, the company did report that it is still 100 percent family-owned, according to the report. With the transfer of Joyce Raley Teel’s ownership, her son will officially own 92 percent of the company, while the remaining eight percent will be shared equally between her 4 daughters.

Raley’s owns and operates 127 stores under four brands, according to the Sacramento Business Journal:

• Raley's
• Bel Air Markets
• Nob Hill Foods
• Food Source

Spokeswoman Chelsea Minor assured reports that both Joyce Raley and her husband Jim Teel are in good health, and that the change of ownership was a family decision. How this will affect the operations, however, was not addressed, so stay tuned.