Business
Grocery Outlet Announces Board Refreshment
Adds Two New Independent Directors with Relevant Expertise to Support Next Chapter of Growth Two Long-serving Directors to Retire in August EMERYVILLE,
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Adds Two New Independent Directors with Relevant Expertise to Support Next Chapter of Growth Two Long-serving Directors to Retire in August EMERYVILLE, Calif., June 26, 2025 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet,\" the \"Company,\" \"we\" or \"our\") announced the appointments of Michael Kobayashi and Lawrence “Chip” Molloy to its Board of Directors, effective today, as part of the Company’s Board refreshment and leadership transition efforts, which are designed to drive the Company’s next chapter of growth and enhanced profitability. Messrs. Kobayashi and Molloy will both also serve on the Board’s Audit and Risk Committee. Messrs. Kobayashi and Molloy were selected to join the Board following a national search conducted with the assistance of a leading independent search firm. The Company also announced that directors Kenneth Alterman and Thomas Herman have each informed the Board of their plan to retire effective August 7, 2025, after the Company’s next regularly scheduled quarterly Board meeting. With the new director appointments, the Company’s Board has been increased from 10 to 12 directors, and upon the retirement of Messrs. 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. “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 su...