Grocery Outlet Holding Announces CFO Transition And Reaffirms Q4 Outlook And Fiscal 2023 Guidance; Charles Bracher Has Informed The Company Of His Intention To Step Down As CFO, Effective As Of March 1, 2024, Co Will Commence A Search For Its Next CFO

Author: Benzinga Newsdesk | December 11, 2023 05:32pm

Grocery Outlet Holding Corp. (NASDAQ:GO) ("Grocery Outlet" or the "Company") today announced that Charles Bracher has informed the Company of his intention to step down as Chief Financial Officer, effective as of March 1, 2024, to pursue another opportunity. Mr. Bracher will continue in his role through the expected filing of the Company's annual report on Form 10-K for fiscal 2023. The Company will commence a search to identify its next CFO with the assistance of a leading executive search firm. Mr. Bracher will work closely with Lindsay Gray, who currently serves as SVP, Accounting (Principal Accounting Officer), through his transition. If a new CFO is not appointed by March 1, the Company will appoint Ms. Gray to serve as Interim CFO until a permanent replacement has been identified. The Company will also enter into a consulting agreement with Mr. 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 Chief Executive Officer of Grocery Outlet. "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."

"It has been a privilege to serve as Grocery Outlet's CFO for the past 11 years as we've opened over 250 stores and grown net sales by nearly $3 billion," said Mr. Bracher. "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. I look forward to working alongside RJ, Lindsay, our Board, and our executive team over the next several months in support of the transition."

The Company today also reaffirmed its outlook for the fourth quarter and guidance for fiscal 2023, as provided on November 7, 2023. The Company expects to release financial results for the fourth quarter and full fiscal year 2023 on Tuesday, February 27, 2024.

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