PriceSmart EVP and chief transformation officer David Price will become CEO on September 1 as his father Robert Price will resign as interim CEO.
Robert Price will become executive chairman of the board following the transition. He has been interim CEO since February 2023 and has been chairman since the company spinned off from Price Enterprises in 1997.
David Price has been with the company since July 2017 and was promoted to EVP and chief transformation officer in August 2023. He has been a member of the board since February 2022.
“As I approach my 83rd birthday in 2025, the time is right for me to transition from day-to-day duties and become executive chairman of the board of directors,” Robert commented.
“David and I have worked together on a daily basis for the past two years and I have kept a close eye on his progress during his almost decade with the company.
“I have complete confidence in his leadership, and I am thrilled that the PriceSmart board of directors has selected him as my successor,” he added.
The company posted a 7.8 per cent increase in revenues for the first quarter ended November 30.
The post PriceSmart EVP David Price to become CEO, succeeding his father appeared first on Inside Retail US.