Sprouts Farmers Market, Inc. Announces Leadership Changes
June 20 2019 - 5:00PM
Sprouts Farmers Market, Inc. (Nasdaq: SFM) today announced that
Jack L. Sinclair has been appointed as the company’s chief
executive officer and a member of its board of directors, effective
June 24, 2019.
“We are extremely excited to have Jack Sinclair as our new chief
executive officer following a thorough search and selection process
by the board of directors,” said Joseph Fortunato, chairman of the
board of Sprouts Farmers Market. “Jack is a proven chief executive
officer with an outstanding track record in grocery and retail
merchandising. On behalf of the board, we look forward to working
with Jack as he leads Sprouts forward to continued success.”
Sinclair brings to Sprouts over 35 years of experience in retail
and grocery. He has been chief executive officer of 99 Cents Only
Stores LLC, a premier discount retailer with over 350 locations in
the United States, since 2018 and prior to that was its chief
merchandising officer from 2015 to 2018. From 2007 to 2015,
Sinclair was the Executive Vice President of the U.S. Grocery
Division of Walmart, Inc., where he led all aspects of Walmart’s
U.S. grocery business at its more than 4,000 stores, which
generated substantial growth under his leadership through a focus
on local assortment and fresh foods. Sinclair previously spent 14
years at Safeway PLC in London where he was responsible for
operations, merchandising and marketing for over 450 Safeway
supermarket and convenience store locations throughout the United
Kingdom. Sinclair has served on the board of directors of The Hain
Celestial Group, a leading marketer, manufacturer and seller of
organic and natural products, since 2017. He earned a bachelor's
degree in economics and marketing from The University of
Strathclyde, Glasgow, Scotland.
“I am humbled and extremely privileged to be appointed chief
executive officer of Sprouts Farmers Market,” said Sinclair.
“Sprouts is a company with a higher purpose – to empower every
person to eat healthier and live a better life – and the commitment
of its 30,000 team members to drive lasting change in the
communities they serve truly resonates with me. I look forward to
working with Sprouts’ board of directors, leadership team and all
Sprouts team members to continue furthering that purpose.”
Sprouts also announced that Brad Lukow, interim co-chief
executive officer and chief financial officer, has resigned to
pursue other opportunities. The board has appointed Lawrence
(“Chip”) P. Molloy to serve as interim chief financial officer
until a permanent successor has been named. Molloy has served as a
member of the company’s board of directors since 2013 and has a
long-tenured career as a senior financial executive, including
serving as chief financial officer of Under Armour, Inc. from 2016
to 2017 and PetSmart, Inc. from 2007 to 2013. Molloy most recently
served as interim chief executive officer of Torrid LLC during
2018.
“Chip has chaired our audit committee for several years, and his
deep knowledge of Sprouts’ business, strategy and financial
operations and experience with the investment community make him
best suited to lead Sprouts’ financial affairs while we conduct our
search for a permanent chief financial officer,” said
Fortunato.
In addition, Sprouts announced that Shon Boney will step down
from the board. Boney is a founder of the company and has been a
board member since 2002.
“Having Shon on our board has been instrumental as Sprouts has
undergone rapid expansion, and we thank him for his service and
contribution all these years,” said Fortunato.
Herbert Mines Associates New York conducted the executive search
for the new chief executive officer of Sprouts Farmers Market,
Inc.
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, including, without limitation,
statements regarding the company’s guidance, outlook, growth and
opportunities. 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; the company’s ability to manage its transition to a new
CEO; accounting standard changes including the new lease accounting
guidance; 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. specializes in fresh, natural and
organic products at prices that appeal to everyday grocery
shoppers. Based on the belief that healthy food should be
affordable, Sprouts’ welcoming environment and knowledgeable team
members continue to drive its growth. Sprouts offers a complete
shopping experience that includes an array of fresh produce in the
heart of the store, a deli with prepared entrees and side dishes,
The Butcher Shop, The Fish Market, an expansive vitamins and
supplements department and more. Headquartered in Phoenix, Arizona,
Sprouts employs more than 30,000 team members and operates in more
than 320 stores in 20 states from coast to coast. Visit
about.sprouts.com for more information.
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Investor
Contact: |
Media
Contact: |
Susannah Livingston |
Diego Romero |
(602) 682-1584 |
(602) 682-3173 |
susannahlivingston@sprouts.com |
media@sprouts.com |
Source: Sprouts Farmers Market, Inc.Phoenix, AZ6/20/19
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