PriceSmart Announces Major Changes in Executive Team as CFO Michael McCleary Retires

PriceSmart's Executive Leadership Transition

PriceSmart, Inc., a well-known player in the membership warehouse sector, has officially announced a significant shift in its executive leadership. The company has appointed Gualberto Hernandez as the new Chief Financial Officer (CFO), effective June 1, 2025. He will take over from Michael McCleary, who is retiring after a distinguished career with PriceSmart, including a five-year tenure as CFO.

The Transition Details

Michael McCleary, the current Executive Vice President and CFO, is stepping down following a mutual agreement with the company. Although he is resigning from the CFO position, McCleary will remain involved as an Executive Vice President until September 30, 2025. Additionally, he has agreed to provide consulting assistance of up to 40 hours each month for three months after his official retirement. This structured transition ensures continuity for PriceSmart and its stakeholders while allowing McCleary to assist in the onboarding of his successor.

Introducing Gualberto Hernandez

Gualberto Hernandez comes to PriceSmart with an impressive background in financial leadership, particularly in the retail sector. Since January 2016, he held the position of Vice President of Finance and Strategy for Latin America at The Estée Lauder Companies. His experience extends into various roles and brands; he successfully managed the operations of La Mer in Latin America between 2020 and 2023 and was most recently responsible for Finance for Emerging Markets at Estée Lauder. Prior to that, he was the Chief Operating Officer for Finance and Operations at Sephora, overseeing its Latin American operations.

Words of Gratitude

In a statement about McCleary's retirement, Robert Price, the Interim Chief Executive Officer of PriceSmart, expressed gratitude for the significant contributions McCleary made to the company, particularly in finance and accounting. Price stated, "I speak for the entire Company when I say that we are enormously grateful for the contributions Michael has made to our company and particularly to the finance and accounting department. I wish him much success in his future endeavors."

McCleary himself reflected on his long association with PriceSmart, noting, "It is an honor and privilege to have been with PriceSmart for over 20 years, including serving as CFO for the past five years." His tenure is marked by a substantial growth trajectory for the company, with an increase in club memberships and revenue that has surpassed expectations.

PriceSmart's Vision Forward

PriceSmart operates a network of 55 warehouse clubs across 12 countries and one U.S. territory, focusing on providing high-quality merchandise and services at competitive prices for its members. The company has experienced remarkable expansion during McCleary's time, doubling its club count and witnessing a significant increase in revenue during this period. The transition in leadership comes at a pivotal time, as PriceSmart aims to continue its growth trajectory and enhance its service offerings for its members.

With the introduction of Gualberto Hernandez as the new CFO, PriceSmart is strategically positioning itself for future successes. Hernandez's extensive background in finance and his experience within the retail industry are expected to yield positive results as he steps into this vital role. The company's commitment to its members and community remains strong, and as leadership evolves, the focus on delivering exceptional value and service is set to continue.

As PriceSmart prepares for this new chapter, stakeholders and consumers alike can look forward to what the future holds under the company’s refreshed leadership. The opening of a new warehouse club in Quetzaltenango, Guatemala, in the summer of 2025 further reflects PriceSmart's ongoing expansion strategy, strengthening its foothold in the Latin American and Caribbean markets.

In conclusion, while the change in CFO marks the end of an era with Michael McCleary's retirement, it also heralds a new beginning for PriceSmart with Gualberto Hernandez at the helm of its financial strategy. This evolution in leadership is aimed at maintaining the company’s growth momentum and fostering sustainable development for its members and employees alike.