Grocery Outlet CEO departs

Grocery Outlet Holding Corp. says Eric Lindberg, current chairman of the board, has been appointed interim president and CEO, effective immediately. Lindberg replaces RJ Sheedy, who has stepped down from his position and resigned from the company’s board of directors, according to a news release. The board has engaged a global executive search firm to begin the process of identifying a permanent CEO.

With more than three decades of leadership experience at the company, Lindberg is a Grocery Outlet veteran with a deep knowledge of its operations and strategy, the release said. He previously served as CEO or co-CEO from January 2006 through December 2022, during which time he led Grocery Outlet’s transformation from a closely held family-owned business to a sponsor-backed private company, taking on significant outside capital from Berkshire Partners and Hellman and Friedman, and then ultimately to a publicly traded company in 2019, the release said.

“On behalf of the board, I want to express my deep appreciation to RJ for his contributions to Grocery Outlet over the past 12 years,” Lindberg said. “RJ played a critical role in scaling and evolving our business and has set the stage for continued strong growth in the future.

“The fundamentals of our business — the significant value and treasure hunt shopping experience we bring to customers — remain strong and the runway in front of us is substantial," Lindberg continued. "I look forward to working with our employees, independent operators and supplier partners to deliver outstanding execution on our strategy and unlock Grocery Outlet’s earnings potential.”

Under Lindberg’s leadership, Grocery Outlet said it increased its store count more than 250% and its net sales nearly 500%, expanding to markets across the country. Lindberg has served as a director since January 2006 and as chairman of the board since January 2023.

“Grocery Outlet is an exceptional business with an almost 80-year track record of generating outsized growth and returns through its highly differentiated business model,” said Erik Ragatz, lead independent director. “We are fortunate to have a leader of Eric’s quality and experience to shepherd this transition. The Board looks forward to working with Eric to drive the business as we search for our next leader who will guide our mission of ‘Touching Lives for the Better,’ delivering Grocery Outlet’s unique offering to millions of existing and new customers and, in the process, producing outstanding returns for our shareholders.”