Sprout’s CEO Maredia will leave at end of year
Amin Maredia, CEO of Phoenixbased Sprouts Farmers Market, will leave the company at the end of this year, the company said in a statement.
Maredia, who also sits on the board of directors, will “transition” out of the company on Dec. 30.
Maredia will remain for a period of time in an advisory role to assist with the transition, the company said in a press release Thursday.
“It has been an enormous privilege to have been part of the Sprouts team during this incredible period in the company’s history over the past eight years,” Maredia said in a prepared statement. “As I transition, it is comforting knowing that Sprouts is well-positioned with a strong management team for robust growth and sustained success.”
Maredia has been CEO since August 2015, and prior to that was its chief financial officer.
Sprouts soon will begin a search for a new CEO, the statement said.
“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, in a prepared statement. “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.” Maredia was listed among Arizona’s highest paid CEOs at publicly traded companies in a earlier this year.
His summary compensation was $4,519,931 in 2017, and adjusted compensation was $2,205,582.
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 CEOs until the company names a permanent successor, the statement said.
Nielsen has served as the company’s president and chief operating officer since August 2015 after he became the company’s chief operating officer in April 2011. Before that, Nielsen served as president of Henry’s Farmers Markets from 2007 through April 2011, the company said.
Sprouts is based in Phoenix.