Sprouts Farmers Market hires veteran retailer as CEO; CFO resigns

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Sprouts Farmers Market hires veteran retailer as CEO; CFO resigns

By Marianne Wilson - 06/21/2019
Sprouts Farmers Market has ended its search for a chief executive by hiring a 34-year grocery and retail veteran.

The Phoenix-based specialty grocer named Jack L. Sinclair as CEO and board member, effective June 24. Sprouts has been conducting a search for a new CEO since Amin Maredia stepped down on Dec. 30, 2018.

Sprouts also announced that Brad Lukow, interim co-CEO and CFO, has resigned “to pursue other opportunities.”

Sinclair joins Sprouts from 99 Cents Only Stores, where he has served as CEO since 2018 and, prior to that, served as its chief merchandising officer from 2015 to 2018. From 2007 to 2015, Sinclair was executive VP of the U.S. grocery division of Walmart, where he led all aspects of Walmart’s U.S. grocery business at its more than 4,000 stores.

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.

“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.”

Sprouts appointed Lawrence (“Chip”) P. Molloy to serve as interim CFO 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 from 2016 to 2017 and PetSmart from 2007 to 2013. He 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.

Specializing in fresh, natural and organic products, Sprouts operates more than 320 stores in 20 states from coast to coast.

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