Grocery Outlet CEO RJ Sheedy Departs
There’s a change at the top of Grocery Outlet as RJ Sheedy has stepped down as company CEO and has resigned from its board of directors, effective immediately.
Eric Lindberg, current chairman of the board, has been named interim president and CEO. The grocer has hired a global executive search firm to hire a permanent CEO.
“On behalf of the board, I want to express my deep appreciation to RJ for his contributions to Grocery Outlet over the past 12 years,” said Lindberg. “RJ played a critical role in scaling and evolving our business and has set the stage for continued strong growth in the future.”
No reason was given for Sheedy’s departure. Lindberg previously served as CEO or co-CEO of Grocery Outlet from January 2006 through December 2022.
“The fundamentals of our business – the significant value and treasure hunt shopping experience we bring to customers – remain strong and the runway in front of us is substantial,” said Lindberg. “I look forward to working with our employees, independent operators, and supplier partners to deliver outstanding execution on our strategy and unlock Grocery Outlet’s earnings potential.”
Following the announcement of Sheedy’s departure, Grocery Outlet officials said the company expects third quarter net sales to increase 10.4% to $1.1 billion with comparable store sales to grow 1.2%.
Additionally, the company is in the process of reassessing its full-year guidance. Grocery Outlet expects to exceed the high end of its full-year net sales guidance of $4.30 to $4.35 billion but expects to reduce its full-year adjusted EBITDA guidance to below the low end of the previously disclosed range of $252 million to $260 million.
