PriceSmart on the hunt for a new CEO
The chief executive of PriceSmart is leaving.
The warehouse club operator said that CEO, president and director Jose Luis Laparte had resigned "by mutual agreement,” effective Nov.16. Sherry Bahrambeygui, a director of the company, was named interim CEO.
Robert Price, chairman, was named executive chairman. Leon Janks, a director, was named lead director.
Price said that both Price Club and Laparte feel that the “company can benefit from a fresh perspective to respond to the rapidly changing world of merchandising.” Laparte has served as CEO of PriceSmart since 2010, and as president since 2004. The company said is has begun a search for a new CEO.
"I speak for the entire board of directors when I say that we are enormously grateful for the contributions Jose Luis has made to this company," said Price. "He has built a great company and leaves us well positioned for the future. We wish him much success."
Laparte has served as CEO of PriceSmart since 2010, and as president since 2004.
PriceSmart, headquartered in San Diego, operates 41 warehouse clubs in 12 Latin American and Caribbean countries and one U.S.territory. It reported total revenues, for the twelve months ended August 31, 2018, of $3.2 billion, up from $3.0 billion in the year-ago period.
The warehouse club operator said that CEO, president and director Jose Luis Laparte had resigned "by mutual agreement,” effective Nov.16. Sherry Bahrambeygui, a director of the company, was named interim CEO.
Robert Price, chairman, was named executive chairman. Leon Janks, a director, was named lead director.
Price said that both Price Club and Laparte feel that the “company can benefit from a fresh perspective to respond to the rapidly changing world of merchandising.” Laparte has served as CEO of PriceSmart since 2010, and as president since 2004. The company said is has begun a search for a new CEO.
"I speak for the entire board of directors when I say that we are enormously grateful for the contributions Jose Luis has made to this company," said Price. "He has built a great company and leaves us well positioned for the future. We wish him much success."
Laparte has served as CEO of PriceSmart since 2010, and as president since 2004.
PriceSmart, headquartered in San Diego, operates 41 warehouse clubs in 12 Latin American and Caribbean countries and one U.S.territory. It reported total revenues, for the twelve months ended August 31, 2018, of $3.2 billion, up from $3.0 billion in the year-ago period.