PriceSmart, Inc. (NASDAQ: PSMT) announced today that Sherry Bahrambeygui will be resigning as Chief Executive Officer, effective February 3, 2023, the date of the Company’s annual stockholder meeting, in order to pursue new professional and philanthropic interests. Robert Price, the Company’s founder and Chairman of the Board, will become Interim Chief Executive Officer. John Hildebrandt, the Company’s Executive Vice President and Chief Operating Officer, has been promoted to President and Chief Operating Officer. David Price, who currently serves as the Company’s Vice President – Environmental and Social Responsibility and as a member of the Board, will be promoted to Executive Vice President and Chief of Staff to the Interim CEO.
As part of the PriceSmart leadership transition plan, Ms. Bahrambeygui will continue serving stockholders as a member of the Board of Directors of the Company. Prior to her tenure as CEO, she served on the Company’s Board as a director for eight years, including having served as Vice Chairman and Chair of the Compensation Committee. Between now and February 3, Ms. Bahrambeygui will continue her employment and will work towards the orderly transition of her responsibilities. She has agreed to make herself available at the Company’s request for up to 100 hours of transition support during the twelve months following her resignation.
“Sherry’s performance as CEO during some of the most challenging years in the history of PriceSmart has been marked by record revenues and profits as well as membership growth, club growth and the launch of online shopping and delivery. The Company is poised to build on Sherry’s and her team’s accomplishments over the past four years. We appreciate all of her contributions and look forward to Sherry’s continued strategic and operational input to drive the future success of PriceSmart,” commented Chairman Robert Price.
“These past four years have been an incredibly challenging and professionally rewarding time. I have been so fortunate to work with an incredible team in the U.S. and in all of our markets that share my dedication to our employees and Members. While my day-to-day role is changing, I will remain connected to our incredible workforce by serving on the Board and helping build on the Company’s record performance,” said Ms. Bahrambeygui.