By Sabela Ojea
Shares of Grocery Outlet on Wednesday dropped to a 52-week low after the discount retailer said RJ Sheedy stepped down as chief executive officer and resigned from the board less than two years after taking the top job.
The stock was down 16% to $14 in afternoon trading. Shares have fallen 50% in the past 12 months, and are on pace for their worst year on record.
The company said it appointed its current chairman, Eric Lindberg, as its interim president and CEO while the board looks to identify a successor.
Sheedy joined Grocery Outlet 12 years ago, and was elevated to the CEO position in January 2023.
Banks including BofA Securities and Wells Fargo cut their target prices on the Grocery Outlet's stock shortly after the company disclosed the executive change.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 30, 2024 15:20 ET (19:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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