Trader Joe's founder to chair Cost Plus board

Joseph Coulombe, founder of the Trader Joe's grocery chain, has been named non-executive chairman of the Cost Plus board of directors.

According to a report by the San Francisco Business Times, Coulombe will replace Frederic Roberts, whose term expires June 17.

Coulombe was CEO of Trader Joe's from 1957 until 1989. He has served on the Cost Plus board since 1995. He also sits on the True Religion Apparel board of directors.