Trader Joe's current COO is set to take over the role of chairman and CEO, effective July 2.
Effective July 2, and in line with the end of the company’s fiscal year, Trader Joe’s CEO and Chairman Dan Bane will retire from his position. Bryan Palbaum, current president and COO, will become the chairman and CEO, with Jon Basalone being promoted to the role of vice-CEO and president.
Bane has been with Trader Joe’s for more than 25 years, serving as the chairman and CEO for the last 22 years. The company has grown to 543 grocery stores in 42 states, plus Washington, D.C., during his tenure. According to Trader Joe’s, Bane “has championed a unique set of seven values that guide the company and help direct all crew members as they take wonderful care of millions of customers each week.”
Incoming CEO Palbaum has been with Trader Joe's for more than 20 years. Basalone has been with the company for more than 33 years, starting as a store crew member in Southern California, and most recently serving as president of stores.
"We are thankful for Dan's leadership over the past 22 years,” said Palbaum. “Jon and I look forward to working with all crew members to continue to grow Trader Joe's. We remain focused on providing customers with exciting products at great values while being true to the seven values that will continue to guide Trader Joe's."
Trader Joe’s is in growth mode, having recently revealed it is working on a new location to service a growing population in the Sarasota, Fla., market. The retailer already operates a store in the city of Sarasota, in addition to locations in nearby St. Petersburg and Tampa. The planned site in University Park will be the 23rd Trader Joe’s in Florida.
On May 5, the grocer opened its latest U.S. outpost in Cypress, Calif. As the retailer expands its footprint, it is also rolling out its latest seasonal items, including summer-inspired jalapeno limeade, patio potato chips and tomato ketchup with black summer truffle, to name a few.