Trader Joe’s operates 543 grocery stores in 42 states.
The longtime chief executive of Trader Joe’s is stepping down.
Dan Bane, chairman and CEO of Trader Joe's, will retire effective July 2, 2023, which marks the end of the company’s fiscal year. At that time, Bryan Palbaum will become chairman and chief executive. Also, Jon Basalone will be promoted to vice CEO and president of Trader Joe's Company.
Bane has been with the grocer for more than 25 years, serving as chairman and CEO for the last 22 years. During that period, Trader Joe’s has grown to be a national chain of 543 grocery stores in 42 states, plus Washington, DC.
Under Bain’s watch, the company has also become one of the county’s most popular — and loved — retailers, taking the top spot in numerous consumer surveys, including those measuring customer satisfaction.
In a message to Trader Joe's employees, Bane stated, "…I take great pride that together we have made Trader Joe's the best grocery store in America. Thanks to all!"
Incoming CEO Palbaum has been with Trader Joe's Company for more than 20 years. For the last 10 years, he has served as president and COO.
Basalone has been with the company for more than 33 years, starting as a store Crew Member in Southern California. Most recently, he has been president of stores.
In a release, Trader Joe’s said that Bain has championed a unique set of seven values that guide the company and “help direct all crew members as they take wonderful care of millions of customers each week.” The values include integrity, wow customer service, no bureaucracy, the store is the brand and kaizen, a Japanese word that translates roughly to continuous self-improvement
"We are thankful for Dan's leadership over the past 22 years,” stated Palbaum. “Jon and I look forward to working with all crew members to continue to grow Trader Joe's. We remain focused on providing customers with exciting products at great values while being true to the seven values that will continue to guide Trader Joe's."