Grocery Outlet Shares Board Update
Grocery Outlet Holding Corp. announced some changes to its board of directors. This week, the retailer shared that Michael Kobayashi and Lawrence “Chip” Molloy are joining the board to help drive profitability at a time of business acceleration, while two current directors will be leaving later this summer.
Kobayashi and Molloy, who were chosen after a national search, were also appointed to serve on the board’s audit and risk committee. The leaders will leverage their strong industry and financial backgrounds as they help steer the discount grocer through its ongoing growth phase.
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Kobayashi is a 20-year industry veteran who currently serves as an advisor to public discount retailer Ross Stores, Inc. His tenure at Ross Stores included positions as president and chief capability officer and president of operations and technology, among other roles. He started his career at the Accenture consulting firm and was a partner there from 2000 to 2004. He earned a bachelor of science degree in managerial economics from the University of California, Davis.
Molloy is a familiar name in the grocery industry, who most recently held the CFO role at Sprouts Farmers Market, Inc. He previously served as interim CEO at Torrid Holdings Inc., CFO at Under Armour, Inc., and CFO of PetSmart LLC. He is a current board member at Sally Beauty Holdings, Inc., Pet Valu Holdings Ltd., and BRC Inc. (Black Rifle Coffee Company). Before entering the business sector, Molloy was a U.S. Navy fighter pilot for 10 years, retiring from the Naval Reserve with the rank of Commander. He holds an MBA from the University of Virginia and a bachelor of science degree in computer science from the United States Naval Academy.
Meanwhile, Grocery Outlet reported that current directors Kenneth Alterman and Thomas Herman will retire on August 7, following the company’s next regularly scheduled quarterly board meeting. After their departure, eight of the 10 board members will be independent.
“The changes to our Board that we are announcing today reflect our commitment to periodic board refreshment and our continued focus on executing our growth plan and enhancing shareholder value,” said Eric Lindberg, chairman of Grocery Outlet’s board of directors.
He continued, “Mike Kobayashi’s decades of leadership experience in the retail industry, particularly in driving operational excellence and leading large-scale technology transformations, bring valuable perspective as we continue to unlock the full value of our recent systems integration. Chip Molloy’s proven financial leadership experience at highly regarded growth-oriented retailers will complement efforts to sharpen our focus on further driving strong investment returns and greater profitability. I also want to take the opportunity to thank our retiring board members, Ken Alterman and Tom Herman, for their many years of extraordinary service and dedication to our Board and Grocery Outlet. Their contributions have shaped Grocery Outlet into the resonant brand that it is today and set the business on a path to deliver sustainable, profitable growth in the years to come.”
The board update comes as Grocery Outlet continues to vie for its share of consumers’ wallets. The retailer reported that net sales grew 8.5% during the first fiscal quarter that ended in late March, with a 0.3% lift in comps and a 31.7% gain in adjusted EBITDA.
Emeryville, Calif.-based Grocery Outlet offers products sold through a network of independently operated stores at more than 520 locations in California, Washington state, Oregon, Pennsylvania, Tennessee, Idaho, Nevada, Maryland, North Carolina, New Jersey, Georgia, Ohio, Alabama, Delaware, Kentucky and Virginia. The company is No. 65 on The PG 100, Progressive Grocer’s 2025 list of the top food and consumables retailers in North America.
