Sprouts Farmers Market has announced this week that the company’s Executive Chairman of the Board, Doug Sanders, plans to resign his position.
Sanders informed the Board of Directors that he will step down at the board’s next scheduled meeting on February 20, 2017, in order to focus his efforts on his recent appointment to Chief Executive Officer of a technology company.
“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, in a company press release. “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.”
Sanders joined Sprouts at its founding in 2002, serving in various executive capacities and eventually becoming the company’s CEO and President in 2012. He became Chairman in 2015. During Sanders’ tenure, the company increased distribution and supply chain efficiencies, and grew leaps and bounds with the successful acquisition and integration of the Henry's Farmers Market, Sun Harvest Market, and Sunflower Farmers Market chains.
The board has appointed Independent Director Joseph Fortunato to succeed Sanders, effective February 20, 2017, as the company’s non-executive Chairman of the Board.
“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.
Fortunato has served on Sprouts’ board since 2013. He previously served as an executive at specialty health, wellness, and performance retailer GNC Holdings, Inc. for 24 years in various capacities—most recently as Chairman of the Board, CEO, and President.
“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.”
We at Deli Market News wish both Sanders and Fortunato the best in their new endeavors. Stay tuned for updates as they occur.
