Heritage Grocers Group Names New CFO
Heritage Grocers Group (HGG), the largest Hispanic and ethnic food retailer in the United States, has appointed Matthew Holt to the role of CFO. Reporting directly to new Chair and CEO Suzy Monford, Holt will oversee the financial and accounting initiatives for all Heritage banner companies, encompassing Cardenas Markets, Tony’s Fresh Market and El Rancho Supermercado.
Holt succeeds Darren Karst, who took on the role of CFO in April 2023 and retired this past Feb. 14.
“I’d like to thank Darren for being an integral part of building HGG and supporting its growth over the past two years,” said Monford. “He leaves the team and the company with a solid foundation for continued growth.”
She added: “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. With Matt at the helm of Heritage’s finance team, I am confident that we remain poised for continued success.”
Holt recently held the role of chief accounting officer of HGG. In this position, he was responsible for all accounting functions, ensuring the accuracy of financial reporting and accounting, as well as compliance with financial regulatory requirements, including those governed by the Securities and Exchange Commission.
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Before joining the Cardenas Markets banner in 2019, Holt was a finance executive with 20-plus years of progressive experience at The Kroger Co.’s corporate and division offices, including various roles across finance and operations, and CFO and controller for two supermarket divisions. Monford also previously worked at Kroger, where she held a group VP role.
Holt earned a bachelor’s degree in accounting from Portland State University and is also a certified public accountant (CPA).
Ontario, Calif.-based HGG operates in six states – California, Texas, Nevada, Arizona, Kansas and Illinois – with a total of 58 stores under the Cardenas Markets banner, 29 stores under the El Rancho Supermercado banner, 21 stores under the Tony’s Fresh Market banner and seven stores under the Los Altos Ranch Market banner. The Kroger Family of Companies’ nearly 420,000 associates serve more than 11 million customers daily through a digital shopping experience and retail food stores under a variety of banner names. The Cincinnati-based grocer is No. 4 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named Kroger one of its Retailers of the Century.
