CFO Departure Causes Drop in Grocery Outlet Holdings Shares
Grocery Outlet Holdings shares drop by 6.7% following CFO Charles Bracher's announcement of departure. Company starts search for new CFO.
Grocery Outlet Holdings recently experienced a 6.7% decrease in its shares, with prices falling to $27.75. This decline came in response to the news of Chief Financial Officer Charles Bracher's departure.
While the stock has already decreased by 5% this year, this particular drop marks its largest percentage decrease since November 9, 2022.
According to Grocery Outlet, Bracher plans to step down on March 1 in order to pursue another opportunity. However, he will remain in his current position until the filing of the company's annual report for fiscal year 2023.
Grocery Outlet has stated that it will begin searching for a new CFO. In the meantime, Bracher will work closely with Lindsay Gray, the current Senior Vice President of Accounting, during the transition period. The company has also made arrangements for Bracher to provide consulting support during the transition.
In the event that a new CFO is not appointed by March 1, Gray will assume the role of interim chief until a permanent replacement is found.