Board adjustments announced at Grocery Outlet
Michael Kobayashi and Lawrence "Chip" Molloy have been appointed as independent directors on the board of Grocery Outlet Holding Corp., temporarily expanding the board to 12 members. This move reflects a commitment to periodic refreshment and a focus on growth and shareholder value.
The new directors will provide oversight and strategic guidance to the company, leveraging their expertise to support Grocery Outlet's growth and governance.
Molloy, a seasoned executive with an MBA from the University of Virginia and a bachelor of science degree in computer science from the United States Naval Academy, brings extensive financial leadership experience at growth-oriented retailers. Most recently, Molloy held the CFO role at Sprouts Farmers Market, Inc. He has also served as interim CEO at Torrid Holdings Inc., CFO at Under Armour, Inc., and CFO of PetSmart LLC.
Molloy's financial leadership experience will complement Grocery Outlet's efforts to improve investment returns and profitability. In fact, the retailer recently reported a 8.5% growth in net sales during the first fiscal quarter that ended in late March.
Kobayashi, a 20-year industry veteran, started his career at Accenture consulting firm and was a partner there from 2000 to 2004. He brings leadership experience in the retail industry, particularly in operational excellence and technology transformations. Kobayashi currently serves as an advisor to Ross Stores, Inc. and has held positions such as president and chief capability officer, and president of operations and technology at Ross Stores.
Both Molloy and Kobayashi will also serve on the board's audit and risk committee.
Ken Alterman and Thomas Herman will retire from the board of directors of Grocery Outlet Holding Corp. on August 7. After their departure, eight out of ten board members will be independent.
Grocery Outlet is ranked No. 65 on Progressive Grocer's 2025 list of top food and consumables retailers in North America. The retailer operates more than 520 locations across various states in North America. The company is based in Emeryville, California.
Eric Lindberg, chairman of Grocery Outlet's board, praised the appointments of Mike Kobayashi and Chip Molloy, stating that their expertise and experience will be valuable assets to the company as it continues to grow and create value for its shareholders.
Molloy is currently a board member at Sally Beauty Holdings, Inc., Pet Valu Holdings Ltd., and BRC Inc. (Black Rifle Coffee Company). Kobayashi, on the other hand, is a board member at no other companies as of the time of this writing.
The new directors, Molloy and Kobayashi, will leverage their expertise in finance and business to provide strategic guidance and oversight, supporting Grocery Outlet's growth and investment returns. Molloy, with his extensive financial leadership experience, will boost efforts to improve profitability, complementing Grocery Outlet's recent 8.5% growth in net sales.
