PriceSmart, Inc. Announces Chief Executive Officer Changes
December 10, 2022 at 03:00 am IST
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PriceSmart, Inc. announced 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. 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.
PriceSmart, Inc. owns and operates United States (US)-style membership shopping warehouse clubs in Latin America and the Caribbean, selling merchandise and providing services to PriceSmart members. The Company operates approximately 52 warehouse clubs in 12 countries and one US territory. Its segments include the US, Central America, the Caribbean and Colombia. It offers merchandise and services in various categories, such as consumables, fresh foods, hardlines, food service and bakery, and health services. It also owns Member's Selection private label products. The Company's consumable products include groceries, cleaning supplies, and health and beauty aids. Its fresh food products include meat, produce, deli, seafood and poultry. The Company's hardline products include electronics, automotive, hardware, sporting goods, and seasonal products. Its softline products include clothing, domestics and home furnishing products. Its health services include optical, audiology and pharmacy.