Sprouts Farmers Market stock was hit hard today on news of a change in leadership.
Sprouts Farmers Market (NASDAQ:SFM) says that current CEO Amin Maredia is planning to leave the company at the end of the year. Maredia also serves on the company’s Board of Directors. He is leaving to “pursue other interests.”
“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,” the Sprouts Farmers Market CEO said in a statement. “As I transition, it is comforting knowing that Sprouts is well-positioned with a strong management team for robust growth and sustained success.”
This is a blow to Sprouts Farmers Market stock as the company doesn’t yet have a replacement CEO lined up. Instead, it notes that President and COO Jim Nielsen, and CFO Brad Lukow, will be acting as co-interim CEOs.
Nielsen and Lukow will be leading the company until a permanent replacement for Maredia can be found. Sprouts Farmers Market says that it is already in the process of hiring a leading executive search firm that will help it find a new CEO.
“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,'” said Chairman of the Board Joseph Fortunato.
SFM stock was down 13% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.