Dive Brief:
- Heritage Grocers Group has named Matthew Holt as CFO, the ethnic grocery store operator announced Monday.
- Holt will be responsible for the financial and accounting functions for all of the company’s banners, including Cardenas Markets, Tony’s Fresh Market, El Rancho Supermercado and Los Altos Ranch Market.
- The C-suite change follows Heritage’s appointment in November of Suzy Monford as chairman and CEO.
Dive Insight:
Holt is ascending to the CFO's position at Heritage after serving most recently as chief accounting officer for the company, a role in which he handled all accounting functions in addition to overseeing the grocer’s adherence to financial regulatory requirements. He assumed the CFO’s role from Darren Karst, who became Heritage’s CFO in April 2023 and retired on Feb. 14, the company said.
A former Kroger executive, Holt joined Cardenas Markets as CFO in 2019 and moved on to become interim CFO of Heritage, according to his LinkedIn profile. Heritage was created as a result of the combination of Cardenas Markets and Tony’s Fresh Market following Cardenas’ purchase in 2022 by private equity firm Apollo Funds. He became Heritage’s chief accounting officer in 2023, per his LinkedIn profile.
At Kroger, Holt served as division CFO and controller of Fred Meyer and earlier held the same position for QFC.
“Matt brings extensive financial experience and leadership, a deep understanding of, and passion for our business and a proven track record of leading key financial functions across our portfolios to his new role,” Monford said in a statement. “With Matt at the helm of Heritage’s Finance Team, I am confident that we remain poised for continued success.”
Monford credited Karst for being an “integral part” of Heritage: “He leaves the team and the Company with a solid foundation for continued growth.” Holt will report to Monford.
In addition to Holt and Monford, Heritage’s management team includes Eric Stover, a former Cardenas Markets CEO who became president of Heritage in October 2023.
