Grocery Outlet Adds Two New Board Members, Two to Retire
Grocery Outlet continues to transition its company leadership with the appointment of two new board members and the announced retirement of two others.
Michael Kobayashi and Lawrence "Chip" Molloy are joining the company's board of directors, effective Thursday, July 26. The two will also serve on the board's audit and risk committee.
Additionally, current board members Kenneth Alterman and Thomas Herman each will retire effective Aug. 7.
The new board members are the latest in a series of upper management changes at Grocery Outlet. In January, the discount grocer named Jason Potter as its new CEO. He also joined the company's board of directors. Potter joined Grocery Outlet from The Fresh Market, where he served as CEO and a board member since 2020.
With the new director appointments, the company's board has increased from 10 to 12 directors. Upon the retirement of Alterman and Herman, the board will be reduced to 10 directors, eight of whom are 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.
Kobayashi has more than 20 years of executive leadership in retail technology, supply chain, and store operations, most notably with Ross Stores Inc. He currently serves as an adviser to Ross Stores, following key leadership roles at the discount retailer including president and chief capability officer, president of operations and technology, and group executive vice president of Supply Chain, Allocation, Merchant Operations and Technology.
"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," Lindberg said.
Molloy most recently served as the chief financial officer of Sprouts Farmers Market Inc. He previously served as interim chief executive officer at Torrid Holdings Inc., as chief financial officer of Under Armour Inc., and as chief financial officer of PetSmart LLC. Molloy also currently serves on the boards of Sally Beauty Holdings Inc.; Pet Valu Holdings Ltd.; and BRC Inc. (Black Rifle Coffee Company).
"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," Lindberg said.
