Grocery Outlet CFO to depart after 11 years

Charles Bracher  is departing as CFO of Emeryville, California-based Grocery Outlet after 11 years, effective March 1, the discounter announced Tuesday.

Bracher will work closely with Lindsay Gray, who currently serves as SVP of accounting, through his transition. Grocery Outlet said a search is now underway for Bracher's successor and that Gray will serve as interim CFO if no appointment is made by March 1.

"Charles has been a remarkable leader throughout his tenure at Grocery Outlet, playing a significant role in several phases of growth and evolution, including the successful completion of our IPO in 2019," said RJ Sheedy, president and CEO of Grocery Outlet, in a statement. "Charles has built an exceptionally talented team that is focused on executing our strategy and fulling our mission of Touching Lives for the Better. I would like to thank him for his invaluable contributions on behalf of all Grocery Outlet employees and independent operators. We are fortunate to have Charles' support through the transition and I wish him all the best in the next chapter of his career."

During his tenure, Bracher said Grocery Outlet has opened over 250 stores and grown net sales by nearly $3 billion.

"I am proud to have been a part of exceptionally talented leadership, finance and accounting teams, and am confident in Grocery Outlet's strategy to deliver long-term value to shareholders," he said. "I look forward to working alongside RJ, Lindsay, our board and our executive team over the next several months in support of the transition."

Last month, Grocery Outlet’s third-quarter net sales topped $1 billion, and the value-focused retailer remains bullish on new store growth.

“Our white space remains huge, with the potential to operate over 4,000 stores across the U.S.,” Grocery Outlet CEO RJ Sheedy said during the retailer’s third-quarter earnings call.