SAN DIEGO — PriceSmart Inc. has promoted president Jose Luis Laparte to the position of chief executive officer, replacing Robert Price, who remains chairman of the board. Price is the son of Sol Price, founder of the membership warehouse club format.

PriceSmart Inc. has promoted president Jose Luis Laparte to the position of chief executive officer, replacing Robert Price, who remains chairman of the board. Price is the son of Sol Price, founder of the membership warehouse club format.

"Jose Luis Laparte has demonstrated excellent operational and merchandising skills since he joined our company in 2004," said Price in a statement.

"Under his leadership as president, net warehouse sales have more than doubled from $605 million in fiscal 2005 to over $1.3 billion in the most recent 12-month period. Similarly, operating income, which was a loss of $5.4 million in fiscal year 2004 just prior to Jose Luis joining the company, now stands at $66.6 million for the 12 months ended May 31. Jose Luis’ promotion to chief executive officer and president is very well earned and deserved and I look forward to continuing to work closely with Jose Luis on behalf of our stockholders, members and employees."