Trader Joe CEO Dan Bane retiring, Bryan Palbaum will take the lead

Dan Bane, chairman and Chief Executive Officer of Trader Joe's, will retire effective July 2. At that time, Bryan Palbaum will become the chairman and Chief Executive Officer and Jon Basalone will be promoted to Vice CEO and president of Trader Joe's Company.

Bane has been with the company for more than 25 years, the last 22 as the chairman and CEO. During that period, the company has grown to be a national chain of 543 neighborhood grocery stores in 42 states, plus Washington, DC. According to the company, Bane has championed a unique set of seven values that guide the company and help direct all crew members as they take care of millions of customers each week.  In a message to Trader Joe's crew members, Bane stated, "…I take great pride that together we have made Trader Joe's the best grocery store in America. Thanks to all!"

Palbaum has been with Trader Joe's, based in Monrovia, Calif., for more than 20 years. For the last 10 years he has been the company's president and Chief Operations Officer. Basalone has been with the company for more than 33 years, starting as a store crew member in Southern California. Most recently he has been President of Stores.

Palbaum commented, "We are thankful for Dan's leadership over the past 22 years. 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."