Company Makes Changes to Its Board of Directors: Grocery Outlet Provides an Update
Grocery Outlet Holding Corp. has announced the appointment of two new members to its board of directors: Michael Kobayashi and Lawrence "Chip" Molloy. The changes reflect the company's commitment to board refreshment and focus on growth and shareholder value, as stated by Eric Lindberg, chairman of Grocery Outlet's board of directors.
Molloy is a familiar name in the grocery industry, most recently holding the CFO role at Sprouts Farmers Market, Inc. He also has a diverse background in finance, having served as interim CEO at Torrid Holdings Inc., CFO at Under Armour, Inc., and CFO of PetSmart LLC. Kobayashi, on the other hand, brings a 20-year industry background to the table, with roles such as president and chief capability officer, and president of operations and technology at Ross Stores, Inc.
Chip Molloy's financial leadership experience at growth-oriented retailers will complement Grocery Outlet's efforts to drive strong investment returns and greater profitability. Mike Kobayashi's leadership experience in the retail industry, particularly in driving operational excellence and leading large-scale technology transformations, is valued for Grocery Outlet's growth plan.
Kobayashi and Molloy will also serve on the board's audit and risk committee. They join the company at an exciting time, with Grocery Outlet reporting a 8.5% growth in net sales during the first fiscal quarter that ended in late March, along with a 0.3% lift in comps and a 31.7% gain in adjusted EBITDA.
The company, based in Emeryville, California and operating through a network of independently operated stores at more than 520 locations in various states, is ranked No. 65 on The PG 100, Progressive Grocer's 2025 list of the top food and consumables retailers in North America.
Grocery Outlet expressed gratitude towards retiring board members Ken Alterman and Tom Herman for their years of service and contributions to the company. Current directors Kenneth Alterman and Thomas Herman will retire on August 7 from the board of directors of Grocery Outlet Holding Corp.
It's worth noting that after their departure, eight of the 10 board members will be independent, reflecting the company's focus on good governance. However, specific details about the individuals' direct contributions to Grocery Outlet's profitability or operational roles are not available in the current search results.
In other news, a class action lawsuit has been filed against Grocery Outlet over alleged deceptive pricing practices using "elsewhere" pricing. The company is yet to release a statement regarding this matter.
Molloy currently serves as a board member at Sally Beauty Holdings, Inc., Pet Valu Holdings Ltd., and BRC Inc. (Black Rifle Coffee Company). Kobayashi started his career at Accenture consulting firm and was a partner there from 2000 to 2004.
The appointments of Kobayashi and Molloy seem part of the company's broader leadership restructuring aimed at driving growth in the highly competitive grocery retail market. Alongside CEO Jason Potter, who brings extensive grocery retail experience, the new board members are expected to play a significant role in shaping Grocery Outlet's strategic direction and board governance.
The financial leadership experience of Chip Molloy, with a background in growth-oriented retailers, is expected to contribute to Grocery Outlet's aim of driving strong investment returns and greater profitability. Mike Kobayashi, with his 20-year industry background and experience in operational excellence and leading large-scale technology transformations, is valued for Grocery Outlet's growth plan.
