Leadership Shift at PriceSmart: Robert Price Steps Down as CEO

PriceSmart Leadership Transition

PriceSmart, Inc., the prominent U.S.-style membership warehouse club operator, has revealed a significant change in its leadership. In a recent announcement, Robert Price, who has been at the helm as Interim Chief Executive Officer since February 2023, plans to step down effective August 31, 2025. This change marks the culmination of Robert's long-standing involvement with the company, which he has led since its establishment as a spin-off of Price Enterprises, Inc. in 1997.

A New Era Begins

David Price, the current Executive Vice President and Chief Transformation Officer, will take over the company's leadership on September 1, 2025. This transition is particularly noteworthy as it represents the continuation of a family legacy at the company, with David being Robert's son. Robert Price expressed his satisfaction with the decision, highlighting that after nearing his 83rd birthday, it is the appropriate moment for him to shift his focus to the role of Executive Chairman of the Board. During his interim leadership, he has found immense satisfaction in the progress made by PriceSmart and its impacts on customers and communities.

In his statement, Robert emphasized: "Serving as Interim Chief Executive Officer these last two years has been especially rewarding for me because of the progress we have made in our business and the positive impact PriceSmart continues to have on the lives of many."

Unwavering Confidence in Leadership

Robert has worked closely with David throughout his tenure, continuously observing his growth and contributions to the company. He expressed complete confidence in David's abilities to lead PriceSmart into the future. "I have complete confidence in his leadership, and I am thrilled that the PriceSmart Board of Directors has selected him as my successor," Robert stated, underlining the company’s commitment to integrity in business practices, quality services, and community involvement.

David Price echoed his father’s sentiments, stating his honor at succeeding his father as the company’s CEO. He stated, "I am fortunate to continue to work with him in my new role and am humbled by the confidence that he, the Board of Directors, and our dedicated employees have placed in me."

Seamless Transition Ensured

The Board of Directors, through its Vice Chairman, Dave Snyder, reassured stakeholders that the succession plan is designed to maintain continuity in the senior management leadership. Snyder emphasized that David is uniquely positioned to lead, thanks to his extensive experience within the company and understanding of its culture. The transition process has received unanimous approval from the independent members of the Board, who remain confident that the leadership team will drive further success for PriceSmart.

David has been a pivotal member of the company since his arrival in July 2017. In his previous role as Executive Vice President and Chief of Staff to the Chairman, he gained invaluable experience that has prepared him for this elevated position. He now oversees critical areas such as Information Technology, payment solutions, and the company’s online initiatives.

As Robert Price steps down, John Hildebrant, the company's President and Chief Operating Officer, will continue in his role. Hildebrant praised Robert's guidance and the way he has demonstrated that success can coexist with a commitment to employee welfare and a positive shopping experience for members.

PriceSmart's Operations

PriceSmart operates membership warehouse clubs across Latin America and the Caribbean, emphasizing high-quality merchandise and value for its members. With 54 clubs spread over 12 countries and one U.S. territory, the company plans further expansion with planned openings in Costa Rica and Guatemala in 2025. This transition in leadership comes at a pivotal moment as the company continues its growth trajectory.

The future looks promising for PriceSmart as it sets to embrace this leadership change while maintaining its foundational values. This transition not only symbolizes continuity but also offers a fresh perspective under the leadership of David Price, ensuring that PriceSmart remains steadfast in its mission of delivering quality at affordable prices.