Business
PriceSmart Announces CFO Transition Plan
Gualberto Hernandez to be appointed as CFO; Michael McCleary to Retire SAN DIEGO, May 9, 2025 /PRNewswire/ -- PriceSmart, Inc. ("PriceSmart" or the "Company")
About this update from Pricesmart, Inc.
[{"type":"text","content":"Gualberto Hernandez to be appointed as CFO; Michael McCleary to Retire\nSAN DIEGO, May 9, 2025 /PRNewswire/ -- PriceSmart, Inc. (\"PriceSmart\" or the \"Company\") (NASDAQ: PSMT) today announced the appointment of Gualberto Hernandez as Executive Vice President and Chief Financial Officer effective June 1, 2025. PriceSmart's current Executive Vice President and Chief Financial Officer Michael McCleary resigned by mutual agreement with the Company, but will continue to serve as an Executive Vice President of the Company through September 30, 2025. Thereafter, Mr. McCleary has agreed to provide consulting support of up to 40 hours per month for three months following his resignation.\n\n \n \n \n \n \n \n\n \nMr. Hernandez has served as Vice President Finance & Strategy for Latin America for The Estée Lauder Companies Inc. since January 2016. During that tenure, he also served as Vice President and General Manager for Latin America for La Mer, an Estée Lauder Companies' brand, from 2020 to 2023 and since July 2024 as Vice President Finance for Emerging Markets. Prior to Estée Lauder, Mr. Hernandez served as Chief Operating Officer (Finance and Operations) Latin America for Sephora from November 2013 to January 2016.\nRegarding the CFO transition, Robert Price, Interim Chief Executive Officer, added, \"I speak for the entire Company when I say that we are enormously grateful for the contributions Michael has made to our company and particularly to the finance and accounting department. I wish him much success.\"\nMichael McCleary said, \"It is an honor and privilege to have been with PriceSmart for over 20 years, including serving as CFO for the past five years. I have been fortunate to work with Robert Price, as the co-founder of the membership warehouse club industry, and for a Company which strives to improve the lives and businesses of its Members and prioritizes the well-being of its employees and communities where it does business. As shown by the doubling of the club count and more than eight-fold increase in revenues over this period, the warehouse club membership model has proven successful in our markets, and I am confident that under David Price's leadership, PriceSmart will continue its long runway of growth. As I move into this next phase of my life, I would like to express my sincere appreciation and gratitude to my c...