After 22 years serving as chief executive officer, Trader Joe’s has announced that Dan Bane will retire effective July 2.

Bryan Palbaum, a 20-year Trader Joe’s veteran and currently president and chief operations officer, will be appointed chairman and CEO. 

Jon Basalone, current president of stores, will be promoted to vice CEO, the company said.

During Bane’s time as CEO, the California- based company has grown to 543 stores in 42 states.

“I take great pride that together we have made Trader Joe’s the best grocery store in America,” Bane said in a statement to employees. “Thanks to all!”

“We are thankful for Dan’s leadership over the past 22 years,” said incoming CEO, Palbaumin in a statement.

“Jon and I look forward to working with all crew members to continue to grow Trader Joe’s. We remain focused on providing customers with exciting products at great values while being true to the seven values that will continue to guide Trader Joe’s,” he added. 

Recently, the company announced that it is set to open a new store in Lakewood Ranch near Interstate 75 in the Sarasota area, totaling 10 locations in Florida.