Trader Joe's CEO Dan Bane to retire from 25-year post

After more than 25 years with the grocery chain, Trader Joe's Chairman and CEO Dan Bane is retiring.

Trader Joe's CEO Dan Bane to retire from 25-year post

Dan Bane, the Chairman and CEO of Trader Joe's, is retiring after 25 years at the grocery store.

As of July 2, the end of the fiscal year, current Trader Joe's COO Bryan Palbaum takes Bane's position. Jon Basalone will become vice president and president. He started out as a crewmember in Southern California over 33 years ago.

Bane's 22-year tenure in this role has helped Trader Joe's grow into a national grocery chain with more than 540 local stores. The Monrovia, California based company has nearly 200 stores alone in California.

Palbaum, the incoming Chairman and CEO of Trader Joe's, has worked at Trader Joe's more than 20 year and as President and COO in the last 10 years. No new COO was announced.

Palbaum stated in a press release that "We are grateful for Dan's leadership during the past 22-years." 'Jon, and I are looking forward to working together with all crew to grow Trader Joe's. We will remain committed to providing our customers with great products at great prices while remaining true to the seven core values that will guide Trader Joe's."