Sherry Bahrambeygui will step down as CEO of PriceSmart, Inc. (NASDAQ: PSMT) on February 3, 2023, the day of the company’s annual shareholders meeting, in order to pursue new professional and charitable interests. The founder and board chairman of the company, Robert Price, will take on the role of interim CEO. The Company’s Executive Vice President and Chief Operating Officer, John Hildebrandt, has been elevated to President and COO. David Price will be elevated to the positions of Executive Vice President and Chief of Staff to the Interim CEO from his existing roles as Vice President of the Company’s Environmental and Social Responsibility and as a member of the Board.

Ms. Bahrambeygui will continue to represent stockholders as a member of the company’s board of directors as part of the PriceSmart leadership transition plan. She spent eight years as a director on the company’s board before being appointed CEO, during which time she also held the positions of vice chairman and chair of the compensation committee. Ms. Bahrambeygui will keep working and aim for a smooth transition of her responsibilities between now and February 3. During the twelve months after her resignation, she has committed to make herself available at the Company’s request for up to 100 hours of transition help.

Source: Prnewswire