What's next for Sprouts Farmers Market?
A key retailer of private brands is entering a new stage of leadership.
Sprouts Farmers Market announced that Amin Maredia, the company’s chief executive officer and member of the board of directors, has resigned effective Dec. 30.
Jim Nielsen, the company’s president and chief operating officer, and Brad Lukow, the company’s chief financial officer, will serve as the company’s co-interim chief executive officers until a permanent successor has been named.
“On behalf of the board of directors, I would like to express our gratitude to Amin for his many years of service to Sprouts,” said Joseph Fortunato, chairman of the board. “Over the past three years, Amin has overseen our tremendous growth from coast to coast and put us on a firm footing for continued success. We wish Amin all the best in his future endeavors. While we search for a new CEO, the Board has deep confidence in Jim and Brad to continue executing the company’s strategic initiatives, driving shareholder value and delivering on our mission of ‘Healthy Living for Less.’”
Sprouts has been accelerating the expansion of its footprint across the United States over the past decade, riding the wave of newer consumer preferences for healthy and natural foods.
Maredia said during an investor conference earlier this year that Sprouts derives more than 5 percent of its revenue from private brand sales. The company posted a 1.5 percent increase in same-store sales last quarter.
The company says it's conducting a comprehensive search for a new chief executive officer. Maredia will remain available for a period of time in an advisory role to assist with the transition.
Nielsen joined the company in April 2011 as its chief operating officer and has served as the company’s president and chief operating officer since August 2015. Prior to that, Nielsen served as president of Henry’s Farmers Markets from 2007 through April 2011. Lukow has served as the company’s chief financial officer since March 2016, having previously served as executive vice president and chief financial officer of Shoppers Drug Mart, Canada’s leading drug store retailer, from 2009 to 2014.
Sprouts employs more than 28,000 team members and operates more than 300 stores in 19 states from coast to coast.