Dan Bane, Chairman and CEO of Trader Joe’s, will retire after more than two decades in the post at the end of the company’s fiscal year on July 2, 2023. Current President and COO Bryan Palbaum will take over as Chairman and CEO at that time, and current President of Stores Jon Basalone will be promoted to Vice CEO and President.
Bane has been with Trader Joe’s for more than 25 years, the last 22 as the Chairman and CEO. During that period, the company has grown into a national chain of 543 neighborhood grocery stores in 42 states and Washington, D.C. During his tenure Bane also championed a unique set of seven values that guide the company and help direct all Crew Members as they serve millions of customers each week.
“I take great pride that together we have made Trader Joe’s the best grocery store in America,” said Bane in a message to Trader Joe’s Crew Members announcing his retirement.
Palbaum is also a long-time Trader Joe’s executive, having been with the company for more than 20 years, the last 10 as President and COO. Basalone has been with the company for more than 33 years, starting as a store Crew Member in Southern California.
“We are thankful for Dan’s leadership over the past 22 years,” said Palbaum in a statement. “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.”
The leadership transition comes as Trader Joe’s faces unionization efforts at several of its locations. In February, the company challenged the formation of a union at a store in Louisville, Ky., claiming that union supporters created “an atmosphere of fear and coercion” that interfered with the validity of the election.