Grocery Outlet, a well-known discounter, recently announced the appointment of Christopher Miller as its new Chief Financial Officer (CFO). Miller, who comes with a wealth of financial experience, is expected to play a crucial role in turning around the company’s earnings performance. Prior to joining Grocery Outlet, Miller served as the CFO at Shamrock Foods Company, the largest family-held food service distributor in the western U.S., for two years. He also brings with him 15 years of experience at Core-Mark Holding Co., a distributor to convenience stores, as well as finance and accounting roles at Cost Plus World Market, Levi Strauss & Co., and Hermès.
In his new role, Miller will report to Grocery Outlet Chairman and interim President and CEO Eric Lindberg Jr. Lindberg expressed confidence in Miller’s abilities, stating, “Chris is an accomplished CFO who brings a wealth of finance, accounting, business strategy, and public company experience to the table that we are confident will benefit our independent operators, shareholders, and our business as we continue to grow.”
As part of his compensation package, Miller will receive a signing bonus of $100,000 and a yearly base salary of $550,000. Additionally, he will be eligible for cash bonuses, target bonuses, and equity grants tied to the company’s incentive plan. Miller’s appointment comes as Grocery Outlet bids farewell to its former CFO, Lindsay Bracher, who served in the role for more than a decade. Upon Miller’s arrival, interim CFO Gray will resume her previous role as senior vice president of accounting and principal accounting officer for the grocer.
Miller’s appointment comes at a crucial time for Grocery Outlet as the company navigates through financial challenges, including a significant technology disruption stemming from a vendor transition last year. This disruption has impacted the company’s data visibility and system speeds, posing operational challenges.
Despite these challenges, Grocery Outlet has continued to surpass milestones, including hitting the $1 billion mark in net sales in the second quarter of fiscal 2023. However, the company’s most recent earnings results revealed decreases in gross margin and net income, along with stagnant comparable-store sales growth and an increase in debt compared to the previous year.
In addition to Miller’s appointment, Grocery Outlet has made several key executive hires in recent months, including Ramesh Chikkala as its first chief operations officer, Sandeep Chawla as its new Chief Information Officer (CIO), and Eric Lindberg Jr. stepping in temporarily to fill roles vacated by RJ Sheedy. Sheedy’s departure was attributed to the company’s poor performance, prompting a strategic reevaluation and leadership change.
Looking ahead, Grocery Outlet remains focused on addressing its financial headwinds and driving growth in a competitive market. With Christopher Miller at the helm as CFO, the company aims to leverage his expertise and experience to steer its financial strategy and enhance its operational efficiency. As Grocery Outlet continues to evolve and adapt to market dynamics, the appointment of Miller signifies a strategic move toward strengthening its financial leadership and positioning the company for long-term success.