form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 12, 2010
PriceSmart, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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000-22793
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33-0628530
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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9740 Scranton Road, San Diego, CA 92121
(Address of Principal Executive Offices, including Zip Code)
Registrant’s telephone number, including area code: (858) 404-8800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2)(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 12, 2010 the Board of Directors of PriceSmart, Inc. (the “Company”) appointed Jose Luis Laparte, President of the Company, to be Chief Executive Officer and President of the Company, effective as of July 12, 2010. Robert Price, Chairman of the Board and formerly Chief Executive Officer of the Company, will remain Chairman of the Company’s Board of Directors.
Mr. Laparte has been a director of the Company since February 2008 and President of the Company since October 2004, having served as a consultant for the Company from December 2003 to October 2004. Prior to joining the Company as a consultant, Mr. Laparte worked more than 14 years for Wal-Mart Stores, Inc. in Mexico and the United States in progressively responsible positions. From October 2002 through September 2003, he served as Vice President of Sam’s International, where he directed and managed the company’s operations, finance, sales, marketing, product development and merchandising. From May 2000 to October 2002, he served as Vice President, Wal-Mart de Mexico, responsible for sales and the expansion of the Sam’s Club format in Mexico.
Additionally on July 12, 2010 the Compensation Committee of the Company’s Board of Directors determined that Mr. Laparte shall receive an increase in annual base salary from $416,160 to $500,000, effective as of July 12, 2010, in conjunction with his promotion to Chief Executive Officer and President of the Company. Additionally, it was concluded that Robert Price, former Chief Executive Officer of the Company, will no longer be paid an annual base salary by the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: July 15, 2010
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/S/ JOHN M. HEFFNER
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John M. Heffner
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer and
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Principal Accounting Officer)
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