Grocery Outlet Holding Corp. has appointed Michael Kobayashi and Lawrence “Chip” Molloy to its board of directors, effective June 26, as part of the company’s board refreshment and leadership transition efforts.
Kobayashi and Molloy also will serve on the board’s audit and risk committee. They were selected following a national search conducted with the assistance of an independent firm.
Grocery Outlet also announced that directors Kenneth Alterman and Thomas Herman plan to retire, effective Aug. 7, after the company’s next quarterly board meeting.
With the appointments, the Grocery Outlet board has been increased from 10 to 12 directors. Upon the retirement of Alterman and Herman, the board will be reduced to 10 directors, eight of whom are independent.
“The changes to our board that we are announcing … reflect our commitment to periodic board refreshment and our continued focus on executing our growth plan and enhancing shareholder value,” said Eric Lindberg, board chairman.
“Mike Kobayashi’s decades of leadership experience in the retail industry, particularly in driving operational excellence and leading large-scale technology transformations, bring valuable perspective as we continue to unlock the full value of our recent systems integration.
“Chip Molloy’s proven financial leadership experience at highly regarded growth-oriented retailers will complement efforts to sharpen our focus on further driving strong investment returns and greater profitability.
“I also want to take the opportunity to thank … Ken Alterman and Tom Herman for their many years of extraordinary service and dedication to our board and Grocery Outlet.
“Their contributions have shaped Grocery Outlet into the resonant brand that it is today and set the business on a path to deliver sustainable, profitable growth in the years to come.”
Michael Kobayashi
Kobayashi brings more than 20 years of executive leadership in retail technology, supply chain and store operations, most notably with Ross Stores Inc.
He serves as an advisor to the company, following key leadership roles that included president and chief capability officer, president of operations and technology and group EVP of supply chain, allocation, merchant operations and technology.
In these roles, Kobayashi led growth initiatives while also strengthening the company’s supply chain infrastructure, information systems and data capabilities. He began his career at Accenture plc, a global professional services company, where he was a partner from 2000-04.
Lawrence ‘Chip’ Molloy
Molloy brings financial and retail leadership expertise, most recently as CFO of Sprouts Farmers Market. He previously served as interim CEO at Torrid Holdings Inc., CFO of Under Armour Inc. and CFO of PetSmart, where he was named Institutional Investor’s CFO of the Year for Specialty Retail in 2011.
Molloy also has board leadership experience, having served on six public company boards since 2013 and as chair of the audit committee for each.
Molloy serves on the boards of Sally Beauty Holdings, Pet Valu Holdings and BRC (Black Rifle Coffee Co.). He previously served on the board of Sprouts Farmers Market for nearly 10 years and also on the boards of Party City Holdings and Wingstop.
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