Grocery Outlet to start search for a new CFO

The longtime finance head of Grocery Outlet Holding Corp. is moving on. 

The extreme-value grocer said that Charles Bracher will step down as CFO to pursue another opportunity, effective March 1. Bracher, who has served in the position since 2012, will continue in his role through the expected filing of the company’s annual report on Form 10-K for fiscal 2023.  

Grocery Outlet said it will begin a search to identify its next CFO with the assistance of a leading executive search firm. Bracher will work closely with Lindsay Gray, who currently serves as senior VP, accounting (principal accounting officer), through his transition. 

If a new CFO is not appointed by March 1, the grocer will appoint Gray to serve as Interim CFO until a permanent replacement has been identified. 

“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 of Grocery Outlet. "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."

In other news, Grocery Outlet recently entered its ninth state with the opening of its first store in Ohio, in Boardman. The company said its presence in Ohio is representative of its long-term, strategic geographic expansion as it is constantly evaluating growth opportunities. In addition to Ohio, Grocery Outlet also notched three other recent openings: Eldersburg, Md.; Incline Village, Nev.; and Rancho Cordova, Calif.

For its third quarter, ended Sept. 30, Grocery Outlet reported that its net income rose 55.1% to $27.1 million. Net sales increased 9.3% to $1.0 billion. Same-store sales were up 6.4%, driven by a 8.6% increase in the number of transactions partially offset by a 1.9% decrease in average transaction size.

Based in Emeryville, Calif., Grocery Outlet sells products sold through a network of independently operated stores. The company has more than 460 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada, Maryland, New Jersey and Ohio.