Trader Joe’s names new CEO
- Trader Joe’s Chairman and CEO Dan Bane will retire July 2.
- Current COO and president Bryan Palbaum will succeed him in the role.
- Jon Basalone will be promoted to president and vice CEO.
Dan Bane, Trader Joe’s Co. longtime chairman and CEO, will retire in July at the end of the grocer’s fiscal year, according to a May 15 release.
Bryan Palbaum will become chairman and CEO following Bane’s July 2 retirement, the release said. Palbaum has worked at Trader Joe’s for more than 20 years , serving as president and chief operations officer for the last decade. Jon Basalone, most recently president of stores, will be promoted to president and vice CEO, according to the release.
"We are thankful for Dan's leadership over the past 22 years,” Palbaum said in the release. “Jon and I look forward to working with all crew members to continue to grow Trader Joe's. We remain focused on providing customers with exciting products at great values while being true to the seven values that will continue to guide Trader Joe's."
Trader Joe’s has 543 locations across 42 states and Washington, D.C. Unlike traditional players in grocery, Trader Joe’s doesn’t have a loyalty program or offer coupons. Instead, it claims to offer best prices to consumers across the board. The grocer says it keeps prices low by buying direct from suppliers, buying in volume, eliminating underperforming products and eliminating supplier fees. The chain has developed a strong and loyal following and is also known for its unique CPGs, some of which are available year-round and others that are seasonal.
According to 2022 data from Statista,nearly a quarter (24%) of U.S. consumers said they liked Trader Joe’s, and nearly three quarters (74%) of U.S. consumers are aware of the brand. According to the survey, 18% of U.S. grocery consumers shop at Trader Joe’s.