PriceSmart,Inc. (NASDAQ:PSMT) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On October 25, 2018, PriceSmart, Inc. (“PriceSmart” or the “Corporation”) issued a press release regarding the results of operations for the fourth quarter and fiscal year of 2017. A copy of the press release is furnished herewith as Exhibit 99.1. to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and herein shall be deemed “furnished” and not “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section.
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c)On October 24, 2018, PriceSmart’s Chief Executive Officer and President, Jose Luis Laparte, submitted his resignation effective November 16, 2018, which the Board of Directors accepted on the same day.The terms related to Mr. Laparte’s resignation from PriceSmart are being finalized and will be disclosed by the Corporation when available in a subsequent filing.
Robert E. Price, Company Founder and our Chairman, will serve as Executive Chairman and Sherry S. Bahrambeygui, a member of our Board of Directors, will serve as Interim Chief Executive Officer while the Company conducts a search for a Chief Executive Officer.
Ms. Bahrambeygui, age 54, has served as a member of the Corporation’s Board of Directors since November 2011 and has served as a Senior Executive and Managing Member of The Price Group, LLC since 2006.Ms. Bahrambeygui has played a key role in many significant strategic matters on behalf of the Corporation.Ms.Bahrambeygui serves as Executive Vice President, Secretary and Vice Chairman of the Board of Price Charities, and has been the Chief Executive Officer of PS Ivanhoe, LLC, a commercial real estate investment company.Ms.Bahrambeygui was a licensed stockbroker and a founding partner of the law firm of Hosey& Bahrambeygui, LLP. She has practiced law with an emphasis in international business and corporate matters and also in the areas of employment and compensation.Ms. Bahrambeygui had provided consultation and legal representation to the Corporation from time-to-time between 2001 and 2008.Ms. Bahrambeygui will remain on the Board but will no longer serve on the Board’s Compensation and Nominating/Corporate Governance Committees while serving as Interim Chief Executive Officer.Terms relating to Ms. Bahrambeygui’s engagement as Interim Chief Executive Officer are being finalized and will be disclosed by the Corporation when available by amendment to this Current Report on Form 8-K.
For additional information regarding Mr. Laparte, Mr. Price or Ms. Bahrambeygui, see the registrant’s Annual Report on Form 10-K for the fiscal year ended August 31, 2018 and Proxy Statement dated December 14, 2017.
Item 9.01. Exhibits.
PRICESMART INC ExhibitEX-99.1 2 psmt-20181025xex99_1.htm EX-99.1 Earnings Release Q4FY18 PriceSmart Announces Leadership Transition; Fourth Quarter and Year-End Results Director Sherry S. Bahrambeygui Named Interim CEO San Diego,…To view the full exhibit click here
About PriceSmart,Inc. (NASDAQ:PSMT)
PriceSmart, Inc., through its subsidiaries, is engaged in the international operation of membership shopping in warehouse clubs. In addition, the Company operates distribution centers and offices in the United States. The Company’s segments include the United States, Central America, the Caribbean and Colombia. The Company owns and operates the United States-style membership shopping warehouse clubs in Latin America and the Caribbean. It offers private label consumer goods to individuals and businesses. The Company offers three types of memberships, such as Business, Diamond and in Costa Rica Platinum memberships. It promotes Business membership through its marketing programs and offers certain merchandise targeted to businesses, such as restaurants, hotels, convenience stores, offices and institutions. The Diamond membership is focused on individuals and families. The Company offers Platinum memberships in Costa Rica.
