PriceSmart Announces CFO Transition Plan
- Smooth transition plan with current CFO staying on as consultant
- New CFO brings strong regional expertise in Latin America
- Company has shown significant growth with club count doubling and 8x revenue increase during McCleary's tenure
- Continued expansion with new warehouse club planned in Guatemala
- Loss of long-term executive with 20+ years of company experience
- Potential disruption in financial leadership during transition period
Gualberto Hernandez to be appointed as CFO; Michael McCleary to Retire
Mr. Hernandez has served as Vice President Finance & Strategy for
Regarding the CFO transition, Robert Price, Interim Chief Executive Officer, added, "I speak for the entire Company when I say that we are enormously grateful for the contributions Michael has made to our company and particularly to the finance and accounting department. I wish him much success."
Michael McCleary said, "It is an honor and privilege to have been with PriceSmart for over 20 years, including serving as CFO for the past five years. I have been fortunate to work with Robert Price, as the co-founder of the membership warehouse club industry, and for a Company which strives to improve the lives and businesses of its Members and prioritizes the well-being of its employees and communities where it does business. As shown by the doubling of the club count and more than eight-fold increase in revenues over this period, the warehouse club membership model has proven successful in our markets, and I am confident that under David Price's leadership, PriceSmart will continue its long runway of growth. As I move into this next phase of my life, I would like to express my sincere appreciation and gratitude to my colleagues and team members."
About PriceSmart
PriceSmart, headquartered in
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the
For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer, and Principal Accounting Officer, at (858) 404-8826 or by email at ir@pricesmart.com.
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SOURCE PriceSmart, Inc.
FAQ
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