Grocery Outlet CFO Stepping Down
Extreme-value retailer Grocery Outlet Holding Corp. will say goodbye to its current CFO Charles Bracher on March 1, 2024. Bracher will stay on with the company through the expected filing of its annual report on Form 10-K for fiscal year 2023, then will pursue another opportunity.
Grocery Outlet says it will begin a search to identify its next CFO with the help of an executive search firm, and will also enter into a consulting agreement with Bracher to support the upcoming transition. Bracher will work closely with Lindsay Gray, SVP of accounting, throughout his transition. Gray will be appointed interim CFO if the position is not filled by March 1, and she will serve in that position until a permanent replacement has been identified.
"Charles has been a remarkable leader throughout his tenure at Grocery Outlet, playing a significant role in several phases of growth and evolution, including the successful completion of our IPO in 2019," said RJ Sheedy, president and CEO. "Charles has built an exceptionally talented team that is focused on executing our strategy and fulling our mission of Touching Lives for the Better.”
Continued Sheedy: “I would like to thank him for his invaluable contributions on behalf of all Grocery Outlet employees and independent operators. We are fortunate to have Charles' support through the transition and I wish him all the best in the next chapter of his career."
"It has been a privilege to serve as Grocery Outlet's CFO for the past 11 years as we've opened over 250 stores and grown net sales by nearly $3 billion," said Bracher. "I am proud to have been a part of exceptionally talented leadership, finance and accounting teams, and am confident in Grocery Outlet's strategy to deliver long-term value to shareholders. I look forward to working alongside RJ, Lindsay our board, and our executive team over the next several months in support of the transition."
Meanwhile, Grocery Outlet officially entered its ninth state with the Nov. 16 grand opening of its first store in Ohio. The company’s presence in Ohio is representative of its long-term strategic geographic expansion. With 460-plus stores currently open across the country, Grocery Outlet is constantly evaluating growth opportunities.
Emeryville, Calif.-based Grocery Outlet offers products sold through a network of independently operated stores at locations in California, Washington, Oregon, Pennsylvania, Idaho, Nevada, Maryland, New Jersey and now Ohio. The company is No. 66 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America.
