PriceSmart CEO leaving; interim replacement named
The chief executive of PriceSmart is stepping down.
The membership warehouse club operator announced that Sherry Bahrambeygui will resign as CEO, effective February 3, to pursue professional and philanthropic interests. The company named Robert Price, the founder and chairman of PriceSmart, as interim CEO.
Bahrambeygui was appointed chief executive in January 2019. Prior to her tenure as CEO, she served on the company's board for eight years, including having been as vice chairman and chair of the compensation committee.
In other changes, John Hildebrandt, PriceSmart’s executive VP and COO, has been promoted to president and COO. David Price, who currently serves as the company's VP – environmental and social responsibility and board member, will be promoted to executive VP and chief of staff to interim CEO Price.
As part of the leadership transition plan, Bahrambeygui will continue as a board member. Bahrambeygui has agreed to make herself available at PriceSmart’s request for up to 100 hours of transition support during the twelve months following her resignation.
"Sherry's performance as CEO during some of the most challenging years in the history of PriceSmart has been marked by record revenues and profits as well as membership growth, club growth and the launch of online shopping and delivery,” said Price. “The company is poised to build on Sherry's and her team's accomplishments over the past four years. We appreciate all of her contributions and look forward to Sherry's continued strategic and operational input to drive the future success of PriceSmart.”
"These past four years have been an incredibly challenging and professionally rewarding time,” said Bahrambeygui. “I have been so fortunate to work with an incredible team in the U.S. and in all of our markets that share my dedication to our employees and members. While my day-to-day role is changing, I will remain connected to our incredible workforce by serving on the board and helping build on the company's record performance.?
PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean. The company operates 50 warehouse clubs in 12 countries and one U.S. territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala, four in Trinidad; three in Honduras; two each in El Salvador, Nicaragua, and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands).
In addition, PriceSmart plans to open a warehouse club in San Miguel, El Salvador in the spring of 2023 and a warehouse club in Medellín, Colombia in the summer of 2023.