Grocery Outlet CEO Lindberg to retire; Sheedy appointed; Q3 net sales +19.4% to $918M

Grocery Outlet Holding Corp.

CEO Eric Lindberg retires Dec 31, 2022; becomes Chairman; President RJ Sheedy named CEO effective Jan 1, 2023.
Sheedy employment: base salary $925k, annual bonus target 125% of base, equity target 432% of base for 2023.
Q3 net sales $918.2M (+19.4% YoY); comp store sales +15.4%; net income $17.5M ($0.17 diluted EPS).
Adjusted net income $26.8M ($0.27 adjusted diluted EPS); adjusted EBITDA $59.1M (+15% YoY).
Company raises fiscal 2022 net sales and earnings guidance (specific figures not provided in excerpt).

item 2.02 item 5.02 item 8.01 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Eric J. Lindberg, Jr.

Chief Executive Officer

GO · Grocery Outlet Holding Corp.

Effective: 2022-12-31
Successor: Robert Joseph Sheedy, Jr.
Filed: November 8, 2022, 6:59 PM ET

On November 2, 2022, Eric J. Lindberg, Jr. provided notice to the Company's board of directors (the "Board") of his decision, effective December 31, 2022, to retire as Chief Executive Officer of the Company.

Appointed

Robert Joseph Sheedy, Jr.

President and Chief Executive Officer

GO · Grocery Outlet Holding Corp.

Effective: 2023-01-01
Filed: November 8, 2022, 6:59 PM ET

On November 2, 2022, the Board appointed Robert Joseph Sheedy, Jr. as President and Chief Executive Officer of the Company, effective January 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Grocery Outlet Holding Corp. reported the fiscal quarter ended October 1, 2022 results: revenue $918.2 million, net income $17.5 million. Guidance raised.

Period: the fiscal quarter ended October 1, 2022
Revenue: $918.2 million
Net income: $17.5 million
Guidance: raised
Result: reported results

Exact text from the filing

third quarter of fiscal 2022 ended October 1, 2022. Highlights for the Third Quarter Fiscal 2022 as compared to the Third Quarter Fiscal 2021: • Net sales increased by 19.4% to $918.2 million. • Comparable store sales increased by 15.4% and on a 3-year stacked basis increased by 20.2% (1) . • The Company opened six new stores, ending the quarter with 431 stores in

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eric J. Lindberg, Jr. changed role as Chief Executive Officer at Grocery Outlet Holding Corp..

Action: retire
Role: Chief Executive Officer

Exact text from the filing

On November 2, 2022, Eric J. Lindberg, Jr. provided notice to the Company's board of directors (the "Board") of his decision, effective December 31, 2022, to retire as Chief Executive Officer of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Joseph Sheedy, Jr. was appointed as President and Chief Executive Officer at Grocery Outlet Holding Corp..

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On November 2, 2022, the Board appointed Robert Joseph Sheedy, Jr. as President and Chief Executive Officer of the Company, effective January 1, 2023.

View on SEC.gov

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Grocery Outlet Holding Corp. filing history →

Source: SEC EDGAR

accession 0001771515-22-000149

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