PriceSmart is looking for a new CEO after Jose Luis Laparte resigned.
The company said it has begun a search for a new CEO and that Sherry S. Bahrambeygui, a director of the company, has been named interim CEO. Robert Price has moved from Chairman of the Board to Executive Chairman of the Board, and Leon Janks, a director of the company, has been named Lead Director.
Laparte has agreed to support the interim CEO and make himself available at her request through the end of the current calendar year.
Price said that both the company and Laparte felt that the company can benefit from a fresh perspective to respond to the rapidly changing world of merchandising.
"I speak for the entire Board of Directors when I say that we are enormously grateful for the contributions Jose Luis has made to this company," Price said. "He has built a great company and leaves us well positioned for the future. We wish him much success."
Laparte has served as Chief Executive Officer of the company from July 2010 and President of the company from October 2004. He has been a member of the Board since February 2008.
"PriceSmart has a great future ahead of it and I believe it is well-positioned for future growth. I am especially proud of our almost 9,000 team members worldwide and the incredible job they do every day serving our 3 million PriceSmart members," said Mr. Laparte.
Bahrambeygui has been a director of PriceSmart since November 2011 and served as Vice Chair of the Board from October 2016 to October 2017. She joined The Price Group, LLC in September 2006 and has served as a Senior Executive and Managing Member since January 2007.