CEO of Phoenix-based Sprouts Farmers Market to leave by end of 2018
PHOENIX – One of the driving forces behind the success of Phoenix-based Sprouts Farmers Market is leaving the company.
CEO Amin Maredia, who has held this position with the natural foods grocery chain since 2015, will finish his tenure Dec. 30, the company announced Thursday.
Maredia joined the company in 2011 as chief financial officer. Fortune 500 ranked Sprouts fourth on its 2018 most admired companies list in the food and drug store category.
Net sales for the third quarter were $1.3 billion, up 10 percent from the same time last year, according to an earnings release.
“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 Thursday in a press release.
Maredia, who also sits on the board of directors, oversaw more than 300 stores in 19 states. Five stores had opened in Arizona before the end of August.
“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,” board chairman Joseph Fortunato said in a statement.
“We wish Amin all the best in his future endeavors.”
Jim Nielsen, president and chief operating officer, and Brad Lukow, the chief financial officer, will share CEO duties until a permanent replacement was found.
A search for a new CEO was underway.