Grocery Outlet Holding Corp. Announces Transition of S. MacGregor Read, Jr. from Executive Vice-Chairman to Non-Executive Role of Vice-Chairman of the Board
January 07, 2020 at 05:08 pm EST
Share
On January 6, 2020, S. MacGregor Read, Jr. informed Grocery Outlet Holding Corp. of his decision to transition from his position as Executive Vice-Chairman of the Company and its subsidiaries, effective as of April 1, 2020 (the “Transition Date”) to the newly created non-executive role of Vice-Chairman of the Board (the “Transition”). Mr. Read and the Company entered into a transition letter agreement (the “Transition Agreement”). Effective as of the Transition Date, Mr. Read will be compensated in the same manner as other non-employee members of the Board pursuant to the Company’s non-employee director compensation policy, as in effect from time to time, for his service as a member of the Board (including, as applicable, his service as a member of any committee of the Board). In addition, while Mr. Read remains Vice-Chairman of the Board, Mr. Read will receive an annual cash retainer of $100,000 for such service. For purposes of 2020, Mr. Read’s compensation for service as a member of the Board will be calculated without proration so as to include Board service in 2020 prior to the Transition Date.
Grocery Outlet Holding Corp. is a retailer of name-brand consumables and fresh products sold through a network of independently operated stores. The Company operates over 470 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada, Maryland, New Jersey and Ohio. Its product offering includes staples, across grocery, refrigerated and frozen foods, beer and wine, fresh meat and seafood, and health and beauty care, others. It distributes inventory through eight primary distribution centers, three of which it operates and five of which are operated by third parties. It has an in-house transportation fleet, as well as transportation partner relationships. It also owns United Grocery Outlet, a closeout grocery retailer with over 40 stores in Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia. It is focused on centralized marketing efforts primarily on digital ads, emailed WOW! Alerts, social media and radio commercials, and in-store and outdoor signage.
Grocery Outlet Holding Corp. Announces Transition of S. MacGregor Read, Jr. from Executive Vice-Chairman to Non-Executive Role of Vice-Chairman of the Board