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Sprouts Farmers Market Analyst 'Eager' To Learn About Incoming CEO's Vision

Sprouts Farmers Market Analyst 'Eager' To Learn About Incoming CEO's Vision

Natural and organic grocer Sprouts Farmers Market Inc (NASDAQ: SFM) announced Thursday the appointment of Jack Sinclair as its new CEO effective June 24. 

What Happened

Sinclair will take over duties from interim co-CEO and CFO Brad Lukow, who replaced Amin Maredia in late 2018.

Sinclair's prior experience in the retail and grocery industry include time as CEO of 99 Cents Only Stores, executive vice president of Walmart's U.S. grocery division and overseeing operations at the U.K. grocery chain Safeway, according to Sprouts.

He also served as a board member at the organic and natural products maker Hain Celestial Group.

Sprouts also announced that Lukow resigned from the company to "pursue other opportunities." Lawrence Molloy, a financial executive, will serve as interim CFO until a successor is appointed. Co-founder Shon Boney will step down from the Sprouts board after serving as a member since 2002.

Why It's Important

Little is known about Sinclair beyond his career history, Stephens analyst Ben Bienvenu said in a Thursday note.

The announcement of a permanent CEO is a positive, and the analyst said he's "eager" to listen to how the exec's vision for Sprouts fits with the company's existing strategy.

Stephens maintained an Equal-Weight rating on Sprouts with a $25 target price. 

What's Next

Sprouts' core vision of bringing "lasting change" to the communities it services "truly resonates with me," Sinclair said in a statement.

The incoming CEO also said he looks forward to "working with Sprouts' board of directors, leadership team and all Sprouts team members to continue furthering that purpose."

The stock was down 4.1% at $18.73 at the time of publication Friday. 

Related Links:

Bullish Case For Costco, Sprouts Comes To An End At Barclays

Wells Fargo: Sprouts' Bull Thesis Shrivels Amid Low Inflation, Intense Competition

Photo by Littletung/Wikimedia

Latest Ratings for SFM

Dec 2020Goldman SachsDowngradesNeutralSell
Nov 2020MKM PartnersMaintainsBuy
Oct 2020UBSMaintainsNeutral

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