Grocery Outlet Holding Corp. has announced that Charles Bracher will step down as CFO, effective March 1, to pursue another opportunity but will stay on through the expected filing of the company’s annual report on Form 10-K for fiscal 2023.
Bracher will work with Lindsay Gray, who serves as SVP of accounting, through his transition. With the assistance of an executive search firm, Grocery Outlet will begin looking for its next CFO.
If the post is not filled by March 1, the company will appoint Gray to serve as interim CFO until a permanent replacement is appointed. Grocery Outlet also will 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 CEO.
“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.”
Bracher said it has been a “privilege” to serve as Grocery Outlet’s CFO for the past 11 years as the company opened more than 250 stores and grew net sales by nearly $3 billion.
“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,” he said.
About Grocery Outlet
Based in Emeryville, California, the company sells name-brand consumables and fresh products through a network of more than 460 independently-operated stores in California, Idaho, Maryland, New Jersey, Nevada, Ohio, Oregon, Pennsylvania and Washington.
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