Sprouts Farmers Market, Inc. (NASDAQ:SFM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Chief Executive Officer
On November 29, 2018, Amin N. Maredia, chief executive officer and a member of the board of directors of Sprouts Farmers Market, Inc. (the “Company”) provided notice to the Company that effective December 30, 2018, he will resign as chief executive officer and director.
In connection with Mr. Maredia’s departure, he and the Company have entered into a letter agreement (the “Letter Agreement”), dated as of November 29, 2018, setting forth Mr. Maredia’s severance and post-departure advisory arrangement.
to the Letter Agreement, following Mr. Maredia’s departure from the Company, he will make himself available to consult with the Company regarding matters with which he was involved or has knowledge on an as-needed basis through March 31, 2019. The Letter Agreement also specifies the terms of the Company’s severance obligations to Mr. Maredia to his Amended and Restated Employment Agreement, dated August 6, 2015, as well as his confidentiality, non-competition and non-solicitation obligations. The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Letter Agreement, filed as Exhibit10.1 to this report and is incorporated herein by reference.
Appointment of Co-Interim Chief Executive Officers
In connection with Mr. Maredia’s departure, the Company’s board of directors has appointed Jim Nielsen and Brad Lukow to serve as the Company’s co-interim chief executive officers. Messrs. Nielsen and Lukow, collectively, shall act as the Company’s principal executive officer until a permanent successor has been named.
Mr. 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. Mr. 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 January 2009 to November 2014.
On November 29, 2018, the Company issued a press release announcing this leadership change. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
Item 5.02. Financial Statements and Exhibits.
Sprouts Farmers Market, Inc. ExhibitEX-10.1 2 sfm-ex101_7.htm EX-10.1 sfm-ex101_7.htm Exhibit 10.1 SPROUTS FARMERS MARKET,…To view the full exhibit click
About Sprouts Farmers Market, Inc. (NASDAQ:SFM)
Sprouts Farmers Market, Inc. is a food retailer that offers natural and organic food, including produce, bulk foods, meat and seafood, bakery, dairy, frozen foods, body care and natural household items. The Company categorizes its products as perishable and non-perishable. Its perishable product category includes produce, meat, seafood, deli and bakery. Its non-perishable product category includes grocery, vitamins and supplements, bulk items, dairy and dairy alternatives, frozen foods, beer and wine, and body care and natural household items. Its bakery offering includes sandwich breads, rolls, tortillas, pitas, muffins, cookies and pies. It offers facial care products and make up, skin, hair, dental, baby care and grooming products. It offers a selection of craft beers, microbrews and beers, as well as a range of domestic and international wines. It also carries various sausages made in-store, as well as a selection of entrees, including gourmet burgers, pork chops and roasts.