MacGregor Read, the grandson of Grocery Outlet founder Jim Read and the company’s former co-CEO, has announced plans to transition to a nonexecutive role at the fast-growing discounter.
Read will transition from executive vice chairman to a newly created role as nonexecutive vice chairman, effective April 1, the Emeryville, Calif.-based retailer said.
Since 1993, Read has held multiple roles at Grocery Outlet, including across purchasing, retail merchandising, real estate and construction. He was co-CEO with Eric Lindberg from 2006 to 2018, at which point he transitioned to the executive vice chairman role.
“I couldn’t be more proud of the progress Grocery Outlet has made over the last seven decades,” Read said in a statement. “Since I started, our store base has tripled to more than 330 stores, and we have added over $2 billion in sales. During this time, we also assembled a highly talented and experienced management team to execute our strategic plan and to continue my grandfather’s mission of touching lives for the better. I remain committed to serving Grocery Outlet in the role of nonexecutive vice chairman as the company capitalizes on the strong growth opportunities that lie ahead.”
Lindberg, Read’s cousin, will continue in his role as CEO.
“MacGregor has been a passionate leader helping evolve our business while never allowing us to forget our roots. His deep connection with independent operators and suppliers, along with his vision for growth, have helped set the stage for long-term success,” Lindberg said. “While we will miss his daily presence, we look forward to benefitting from his continued leadership on our board and the close friendship so many of us have with him.”
Grocery Outlet Holdings oversees a network of more than 300 extreme-value stores operated by independent retailers.