04:26 PM EST, 03/03/2025 (MT Newswires) -- PriceSmart ( PSMT ) said David Price, currently executive vice president and chief transformation officer, will become chief executive officer, effective Sept. 1.

He succeeds his father, Robert Price, who will step down as interim CEO, effective Aug. 31, to become executive chairman of the board, the company said Monday in a statement.

"As I approach my 83rd birthday in 2025, the time is right for me to transition from day-to-day duties," Robert Price said in the statement.