Former Safeway CEO testifies in trial of Elizabeth Holmes
CNN
Former Safeway CEO Steven Burd testified Wednesday 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.
"It was a fascinating concept," Burd said in his testimony, saying that the blood testing device he was shown was about the size of a "large bagel toaster" and that he was told the turnaround time on results could be just 20 to 30 minutes. As he put it, "we were consistently told that it essentially replaces a traditional full blown lab."
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