PriceSmart, Inc. ("PriceSmart" or the "Company") (NASDAQ: PSMT) today announced that Robert Price has notified the Board of Directors of his intention to step down as Interim Chief Executive Officer effective August 31, 2025. David Price, the Company's current Executive Vice President and Chief Transformation Officer and member of the Board of Directors, will become Chief Executive Officer effective September 1, 2025. Robert Price will become Executive Chairman of the Board of Directors.
Robert Price has most recently led PriceSmart as Interim Chief Executive Officer since February 2023 and has been Chairman of the Board of Directors of the Company since its spin-off from Price Enterprises, Inc. in 1997. In announcing his decision to step down as Interim Chief Executive Officer, Robert Price said, "As I approach my 83rd birthday in 2025, the time is right for me to transition from day-to-day duties and become Executive Chairman of the Board of Directors. Serving as Interim Chief Executive Officer these last two years has been especially rewarding for me because of the progress we have made in our business and the positive impact PriceSmart continues to have on the lives of so many people—employees, Members, suppliers, and our communities."
Regarding the CEO transition, Robert Price added, "David and I have worked together on a daily basis for the past two years and I have kept a close eye on his progress during his almost decade with the Company. I have complete confidence in his leadership, and I am thrilled that the PriceSmart Board of Directors has selected him as my successor. I'm proud to have sustained a culture of doing business the right way throughout my years of service to PriceSmart, and I'm sure that David will remain committed to this fundamental principle. For us, doing business the right way means offering our Members quality merchandise and services at affordable prices, providing our employees with good working conditions and conducting ourselves in a socially and environmentally responsible manner."
David Price said, "I am honored to succeed my dad as PriceSmart's CEO. I am fortunate to continue to work with him in my new role and am humbled by the confidence that he, the Board of Directors, and our dedicated employees have placed in me."
Dave Snyder, Vice Chairman of the Company's Board and Lead Independent Director, said, "PriceSmart's Board is responsible for ensuring the continuity of senior management leadership. The succession plan we are announcing today enables a smooth transition to a capable leader who has a unique understanding of the Company and its culture while providing for ongoing contributions from PriceSmart's founder and Chairman of the Board. The Company's independent members of the Board of Directors unanimously approved the appointment of David Price as CEO and has the highest degree of confidence that he, together with the rest of the Company's accomplished management team, will continue to expand PriceSmart's business and enhance stockholder return."
David Price has been with the Company since July 2017 and was promoted to Executive Vice President and Chief Transformation Officer in August 2023. He has served as a member of the Board of Directors of the Company since February 2022. He currently leads several important areas, including Information Technology, PriceSmart.com, and Payment Solutions and Services. Prior to his current role, he was the Executive Vice President and Chief of Staff to the Chairman of the Board and the Company's Interim Chief Executive Officer, Robert Price, from December 2022 to July 2023.
PriceSmart's President and Chief Operating Officer John Hildebrant will continue serving in that role. Mr. Hildebrandt said, "Robert has been a guiding light for this business and for me. He has demonstrated that a business can be successful while operating the right way—providing our Members with the best possible shopping experience while making sure our employees receive excellent pay and benefits, a respectful and welcoming work environment, and opportunities for advancement. Moving forward, David Price is ideally prepared to assume the duties as our next Chief Executive Officer. He has been inculcated in PriceSmart's values by his father Robert and his grandfather Sol Price his whole life. The transition from Robert to David ensures continuity for our Members, employees, and stockholders."
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