Grocery Outlet CFO Stepping Down
Grocery Outlet Holding Corp., the parent company of Grocery Outlet, is on the hunt for a new chief financial officer as its current CFO Charles Bracher is stepping down effective March 1. He will be pursuing a new opportunity.
The company said it will commence a search to identify its next CFO with the assistance of a leading executive search firm. Bracher will work closely with Lindsay Gray, who currently serves as senior vice president, Accounting (Principal Accounting Officer), through his transition.
If a new CFO is not appointed by March 1, the company will appoint Gray to serve as Interim CFO until a permanent replacement has been identified. The company will also enter into a consulting agreement with Bracher to support the transition.
"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 chief executive officer of Grocery Outlet. "Charles has built an exceptionally talented team that is focused on executing our strategy and fulling our mission of Touching Lives for the Better. 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."
The company also reaffirmed its outlook for the fourth quarter and guidance for fiscal 2023, as provided on November 7. The company expects to release financial results for the fourth quarter and full fiscal year 2023 on Tuesday, February 27, 2024.