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TMCNet:  PRICESMART INC FILES (8-K) Disclosing Change in Directors or Principal Officers

[April 21, 2014]

PRICESMART INC FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (d) Election of Directors.

On April 17, 2014, the Board of Directors of Pricesmart, Inc. unanimously agreed to increase the size of the Board of Directors by one director, effective immediately. Additionally, the Board elected Gordon H. Hanson as a director of the Company to fill the newly created vacancy, effective immediately.


Mr. Hanson has been a tenured member of the economics faculty at the University of California, San Diego since 2001. At UC San Diego, Mr. Hanson has faculty appointments in the School of International Relations and Pacific Studies and the Department of Economics, and also directs the Center of Emerging and Pacific Economies. From 1998 to 2001, he was a tenured member of the management faculty to the University of Michigan and from 1992 to 1998 he was on the economics faculty of the University of Texas. From 2009 until 2014, he served as a director of the Washington Office on Latin America, a non-profit organization working to promote civic advancement in the region, chairing their development committee. Mr. Hanson's extensive background in the analysis of the economies of Latin America, including over two decades of experience in consulting for international financial organizations, contribute to the Board of Director's conclusion that he should serve as director of the Company.

As a non-employee director, Mr. Hanson is entitled to receive cash compensation and grants of stock options, restricted stock units or other equity awards in accordance with the arrangements in effect for non-employee directors of the Company. In addition, Mr. Hanson will be reimbursed for travel expenses incurred in attending Company board meetings.

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