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PriceSmart Announces CEO Transition Plan

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PriceSmart (NASDAQ: PSMT) has announced a significant leadership transition, with Robert Price stepping down as Interim CEO effective August 31, 2025. David Price, currently Executive Vice President and Chief Transformation Officer, will assume the CEO role on September 1, 2025, while Robert Price will become Executive Chairman of the Board.

Robert Price, who has led PriceSmart as Interim CEO since February 2023 and served as Board Chairman since 1997, made this decision as he approaches his 83rd birthday. David Price, who joined the company in July 2017 and has been a Board member since February 2022, currently oversees Information Technology, PriceSmart.com, and Payment Solutions and Services.

The company also announced plans to expand its warehouse club presence, with new locations scheduled to open in Cartago, Costa Rica (April 2025) and Quetzaltenango, Guatemala (Summer 2025). These additions will bring PriceSmart's total operations to 56 warehouse clubs across 12 countries and one U.S. territory.

PriceSmart (NASDAQ: PSMT) ha annunciato una significativa transizione nella leadership, con Robert Price che si dimetterà da CEO ad interim a partire dal 31 agosto 2025. David Price, attualmente Vicepresidente Esecutivo e Chief Transformation Officer, assumerà il ruolo di CEO il 1 settembre 2025, mentre Robert Price diventerà Presidente Esecutivo del Consiglio di Amministrazione.

Robert Price, che ha guidato PriceSmart come CEO ad interim da febbraio 2023 e ha ricoperto il ruolo di Presidente del Consiglio dal 1997, ha preso questa decisione in vista del suo 83° compleanno. David Price, che è entrato nell'azienda a luglio 2017 ed è membro del Consiglio da febbraio 2022, attualmente supervisiona la Tecnologia dell'Informazione, PriceSmart.com e le Soluzioni e Servizi di Pagamento.

L'azienda ha anche annunciato piani per espandere la sua presenza nei club di magazzino, con nuove sedi programmate per aprire a Cartago, Costa Rica (aprile 2025) e Quetzaltenango, Guatemala (estate 2025). Queste aggiunte porteranno il totale delle operazioni di PriceSmart a 56 club di magazzino in 12 paesi e un territorio degli Stati Uniti.

PriceSmart (NASDAQ: PSMT) ha anunciado una importante transición en el liderazgo, con Robert Price renunciando como CEO interino a partir del 31 de agosto de 2025. David Price, actualmente Vicepresidente Ejecutivo y Director de Transformación, asumirá el cargo de CEO el 1 de septiembre de 2025, mientras que Robert Price se convertirá en Presidente Ejecutivo de la Junta.

Robert Price, quien ha liderado PriceSmart como CEO interino desde febrero de 2023 y ha sido Presidente de la Junta desde 1997, tomó esta decisión al acercarse a su 83 cumpleaños. David Price, quien se unió a la empresa en julio de 2017 y ha sido miembro de la Junta desde febrero de 2022, actualmente supervisa Tecnología de la Información, PriceSmart.com y Soluciones y Servicios de Pago.

La empresa también anunció planes para expandir su presencia en clubes de almacén, con nuevas ubicaciones programadas para abrir en Cartago, Costa Rica (abril de 2025) y Quetzaltenango, Guatemala (verano de 2025). Estas adiciones llevarán el total de operaciones de PriceSmart a 56 clubes de almacén en 12 países y un territorio de EE. UU.

PriceSmart (NASDAQ: PSMT)는 중요한 리더십 전환을 발표했습니다. 로버트 프라이스가 2025년 8월 31일부로 임시 CEO에서 물러납니다. 현재 임원 부사장 겸 최고 혁신 책임자인 데이비드 프라이스가 2025년 9월 1일 CEO 역할을 맡게 되며, 로버트 프라이스는 이사회 의장직을 맡게 됩니다.

로버트 프라이스는 2023년 2월부터 PriceSmart를 임시 CEO로 이끌어 왔으며 1997년부터 이사회 의장을 맡아왔습니다. 그는 83세 생일을 앞두고 이 결정을 내렸습니다. 데이비드 프라이스는 2017년 7월에 회사에 합류했으며 2022년 2월부터 이사회 멤버로 활동하고 있습니다. 현재 그는 정보 기술, PriceSmart.com 및 결제 솔루션과 서비스를 감독하고 있습니다.

회사는 또한 창고 클럽의 존재를 확장할 계획을 발표했습니다. 새로운 위치가 코스타리카의 카르타고(2025년 4월)와 과테말라의 케찰테낭고(2025년 여름)에 개장할 예정입니다. 이러한 추가로 PriceSmart의 총 운영 수는 12개국과 1개 미국 영토에 걸쳐 56개의 창고 클럽으로 증가할 것입니다.

PriceSmart (NASDAQ: PSMT) a annoncé une transition significative dans sa direction, avec Robert Price qui démissionne de son poste de PDG par intérim à compter du 31 août 2025. David Price, actuellement Vice-Président Exécutif et Directeur de la Transformation, assumera le rôle de PDG le 1er septembre 2025, tandis que Robert Price deviendra Président Exécutif du Conseil d'Administration.

Robert Price, qui dirige PriceSmart en tant que PDG par intérim depuis février 2023 et est Président du Conseil depuis 1997, a pris cette décision alors qu'il approche de son 83ème anniversaire. David Price, qui a rejoint l'entreprise en juillet 2017 et est membre du Conseil depuis février 2022, supervise actuellement la Technologie de l'Information, PriceSmart.com et les Solutions et Services de Paiement.

L'entreprise a également annoncé des projets d'expansion de sa présence dans les clubs de entrepôt, avec de nouveaux emplacements prévus à ouvrir à Cartago, Costa Rica (avril 2025) et Quetzaltenango, Guatemala (été 2025). Ces ajouts porteront le total des opérations de PriceSmart à 56 clubs de entrepôt dans 12 pays et un territoire américain.

PriceSmart (NASDAQ: PSMT) hat einen bedeutenden Führungswechsel angekündigt, wobei Robert Price am 31. August 2025 als Interims-CEO zurücktritt. David Price, derzeit Executive Vice President und Chief Transformation Officer, wird am 1. September 2025 die Rolle des CEOs übernehmen, während Robert Price Executive Chairman des Vorstands wird.

Robert Price, der PriceSmart seit Februar 2023 als Interims-CEO leitet und seit 1997 Vorsitzender des Vorstands ist, traf diese Entscheidung, da er sich seinem 83. Geburtstag nähert. David Price, der im Juli 2017 in das Unternehmen eintrat und seit Februar 2022 Mitglied des Vorstands ist, überwacht derzeit die Informationstechnologie, PriceSmart.com sowie Zahlungs- und Dienstleistungslösungen.

Das Unternehmen gab auch Pläne zur Erweiterung seiner Lagerclub-Präsenz bekannt, mit neuen Standorten, die voraussichtlich im April 2025 in Cartago, Costa Rica, und im Sommer 2025 in Quetzaltenango, Guatemala, eröffnet werden. Diese Ergänzungen werden die Gesamtbetriebszahl von PriceSmart auf 56 Lagerclubs in 12 Ländern und einem US-Territorium erhöhen.

Positive
  • Planned expansion with two new warehouse clubs in 2025
  • Smooth leadership transition with internal succession plan
  • Continuity in company culture and strategy assured through family leadership
Negative
  • Aging leadership transition with outgoing CEO at 83 years old
  • Potential risks from significant leadership change

Robert Price to Step Down as Interim CEO; Will Become Executive Chairman of the Board of Directors David Price Named CEO to Succeed Robert Price

SAN DIEGO, March 3, 2025 /PRNewswire/ -- 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."

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 54 warehouse clubs in 12 countries and one U.S. territory (ten in Colombia; eight in Costa Rica; seven in Panama; six in Guatemala; five in Dominican Republic; four each in Trinidad and El Salvador; three in Honduras; two each in Nicaragua and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands). In addition, the Company plans to open one warehouse club in Cartago, Costa Rica in April 2025 and one warehouse club in Quetzaltenango, Guatemala in the summer of 2025. Once these two new clubs are open, the Company will operate 56 warehouse clubs.

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 U.S., as well as other risks that are not presently known to the Company or that the Company considers to be immaterial.

For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to ir@pricesmart.com.

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SOURCE PriceSmart, Inc.

FAQ

When will David Price become the new CEO of PriceSmart (PSMT)?

David Price will become CEO of PriceSmart effective September 1, 2025.

How many warehouse clubs will PriceSmart (PSMT) operate after the planned 2025 expansions?

PriceSmart will operate 56 warehouse clubs across 12 countries and one U.S. territory after opening new locations in Costa Rica and Guatemala.

What is David Price's current role at PriceSmart (PSMT)?

David Price currently serves as Executive Vice President and Chief Transformation Officer, overseeing Information Technology, PriceSmart.com, and Payment Solutions and Services.

How long has Robert Price served as PriceSmart's (PSMT) Interim CEO?

Robert Price has served as Interim CEO since February 2023.
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Discount Stores
Retail-variety Stores
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United States
SAN DIEGO