Company Announcement: Grocery Outlet Provides Information on Changes in Board Structure
Grocery Outlet, a major discount grocery chain, has announced changes to its board of directors, signalling a strategic pivot for the company in 2025. Eric Lindberg, the chairman of Grocery Outlet's board, made the announcement.
The changes come as Ken Alterman and Tom Herman retire from the board after making extraordinary contributions to Grocery Outlet and shaping the company into a resonant brand. Their places on the board have been filled by Michael Kobayashi and Lawrence “Chip” Molloy.
Michael Kobayashi, a 20-year industry veteran, brings a wealth of retail experience to the table. He currently serves as an advisor to Ross Stores, Inc. and has held key roles at Ross Stores, Inc., including president and chief capability officer. Kobayashi started his career at the Accenture consulting firm and was a partner there from 2000 to 2004.
Lawrence “Chip” Molloy, a grocery industry veteran, most recently held the CFO role at Sprouts Farmers Market, Inc. He has also served as interim CEO at Torrid Holdings Inc., CFO at Under Armour, Inc., and CFO of PetSmart LLC. Molloy's proven financial leadership experience will complement Grocery Outlet's efforts to sharpen its focus on driving strong investment returns and greater profitability.
Molloy is also a current board member at Sally Beauty Holdings, Inc., Pet Valu Holdings Ltd., and BRC Inc. (Black Rifle Coffee Company).
The new board members have been appointed to the board's audit and risk committee. Kobayashi's career includes roles as president and chief capability officer at Ross Stores, Inc., and president of operations and technology.
Grocery Outlet offers products through a network of independently operated stores at more than 520 locations across various states. The company reported a 8.5% growth in net sales during the first fiscal quarter that ended in late March, with a 0.3% lift in comps and a 31.7% gain in adjusted EBITDA.
The board changes announced reflect Grocery Outlet's commitment to periodic board refreshment and focus on executing its growth plan and enhancing shareholder value. Grocery Outlet is ranked No. 65 on The PG 100, Progressive Grocer's 2025 list of the top food and consumables retailers in North America.
Kenneth Alterman and Thomas Herman will retire from the board on August 7. The appointments of Kobayashi and Molloy mark a significant step for Grocery Outlet as they aim to strengthen their position in the grocery industry.
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- Michael Kobayashi and Lawrence "Chip" Molloy, with their extensive experience in business and finance, will leverage their skills to support Grocery Outlet's aim to drive strong investment returns and enhance profitability.
- Grocery Outlet's strategic pivot in 2025 is further solidified with the appointments of finance veterans Michael Kobayashi and Lawrence "Chip" Molloy, who bring impressive backgrounds in business and retail to the company's board.
