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Trader Joe’s CEO Bane Announces Retirement

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Dan Bane, chairman and CEO of Monrovia, California-based Trader Joe’s, has announced his intention to retire, effective July 2.

At that time, Bryan Palbaum will become the chairman and CEO and Jon Basalone will be promoted to vice-CEO and president of Trader Joe’s Co.

Bane has been with the company for more than 25 years, the last 22 as the chairman and CEO. During that period, it has grown to be a national chain of 543 neighborhood grocery stores in 42 states, plus Washington D.C.

Bane has championed a set of seven values that guide Trader Joe’s and help direct all employees as they help millions of customers each week. “I take great pride that together we have made Trader Joe’s the best grocery store in America. Thanks to all,” Bane shared in an email to company employees.

Palbaum has been with Trader Joe’s Co. for more than 20 years. For the last 10 years, he has been the company’s president and chief operations officer. 

Basalone has been with the company for more than 33 years, starting as a store employee in Southern California. Most recently, he has been president of stores.

“We are thankful for Dan’s leadership over the past 22 years,” Palbaum said.

“Jon and I look forward to working with all crew members to continue to grow Trader Joe’s. We remain focused on providing customers with exciting products at great values while being true to the seven values that will continue to guide Trader Joe’s.”

For more information, visit traderjoes.com/home or click here.

To read more news from the specialty retailer by The Shelby Report, click here.

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