Grocery Outlet Names Eric Lindberg Interim CEO, Cuts Adjusted EBITDA Guidance

MT Newswires Live

Oct 30, 2024

Grocery Outlet (GO) said Wednesday that it has named Chairman Eric Lindberg as interim chief executive and president, effective immediately.

Lindberg, who was CEO or co-CEO from January 2006 through December 2022, succeeds RJ Sheedy, who stepped down and resigned from the company's board. The company said its board has hired an executive search firm to help find a permanent CEO.

The discount grocery retailer said that in connection with the executive change, it expects to cut its full-year adjusted earnings before interest, taxes, depreciation, and amortization guidance to below the low end of its previous guidance of $252 million to $260 million.

Shares of Grocery Outlet were down more than 8% in recent trading.

Price: 15.19, Change: -1.42, Percent Change: -8.55

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