Sprouts Farmers Market, Inc. Announces Changes to Its Board of Directors
November 16 2016 - 5:00PM
Sprouts Farmers Market, Inc. (Nasdaq:SFM) today announced that Doug
Sanders has informed the Board of Directors of his intention to
resign as executive chairman of the board, to focus his efforts on
his recent appointment as chief executive officer of a technology
company. This change will become effective at the board’s
next scheduled meeting on February 20, 2017.
“Doug has been an integral part of Sprouts since our inception
and was instrumental in our evolution from one store in 2002 to one
of the largest and fastest growing healthy grocery stores in the
country,” said Amin Maredia, chief executive officer of Sprouts
Farmers Market. “On behalf of all of our team members, I’d like to
thank Doug for his leadership and service to Sprouts, and we wish
him well in his future endeavors.”
Effective upon the resignation of Sanders on
February 20, 2017, the board has appointed Joseph Fortunato, an
independent director, as the non-executive chairman of the
board. Fortunato has served as a member of the Sprouts Board
of Directors since 2013, and previously served as an executive for
24 years at GNC Holdings, Inc. (NYSE:GNC), a leading global
specialty health, wellness and performance retailer, including most
recently as chairman of the board, chief executive officer and
president.
“As we continue to build on our strategic
initiatives to enhance our healthy living business, I look forward
to working with Joe in his new role as chairman and leveraging the
deep high-growth, specialty retail knowledge that Joe has built
over his 40-year career,” said Maredia.
“I am very excited to serve Sprouts in my new
capacity as chairman of the board,” said Fortunato. “I look forward
to continuing to work with the Sprouts board and management team to
build upon our trajectory and deliver value to our
stockholders.”
Forward-Looking Statements
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Any statements contained herein that are not statements of
historical fact (including, but not limited to, statements to the
effect that Sprouts Farmers Market or its management "anticipates,"
"plans," "estimates," "expects," or "believes," or the negative of
these terms and other similar expressions) should be considered
forward-looking statements. These statements involve certain risks
and uncertainties that may cause actual results to differ
materially from expectations as of the date of this release.
These risks and uncertainties include, without limitation, risks
associated with the company’s ability to successfully compete in
its intensely competitive industry; the company’s ability to
successfully open new stores; the company’s ability to manage its
rapid growth; the company’s ability to maintain or improve its
operating margins; the company’s ability to identify and react to
trends in consumer preferences; product supply disruptions; general
economic conditions; and other factors as set forth from time to
time in the company’s Securities and Exchange Commission filings,
including, without limitation, the company’s Annual Report on Form
10-K. The company intends these forward-looking statements to
speak only as of the time of this release and does not undertake to
update or revise them as more information becomes available, except
as required by law.
Corporate Profile
Sprouts Farmers Market, Inc. is a healthy grocery store offering
fresh, natural and organic foods at great prices. Sprouts offer a
complete shopping experience that includes fresh produce, bulk
foods, vitamins and supplements, packaged groceries, meat and
seafood, deli, baked goods, dairy products, frozen foods, natural
body care and household items catering to consumers’ growing
interest in health and wellness. Headquartered in Phoenix, Arizona,
Sprouts employs more than 24,000 team members and operates more
than 250 stores in thirteen states from coast to coast. For more
information, visit www.sprouts.com or @sproutsfm on
Twitter.
Investor Contact:
Susannah Livingston
(602) 682-1584
susannahlivingston@sprouts.com
Media Contact:
Donna Egan
(602) 682-3152
media@sprouts.com
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