Lawrence “Chip” Molloy, currently a member of the Sprouts Farmers Market Board of Directors, has been appointed as CFO of the company, effective Sept. 25. Molloy will succeed Denise Paulonis, who is departing the company to join a publicly traded retailer as its CEO.
“There is no better successor to oversee our financial function than Chip,” said Jack Sinclair, CEO of the Phoenix, Arizona-based retailer. “Chip’s extensive knowledge of all aspects of our business and strategy and long-tenured executive experience makes him ideally suited to lead our finance team as we execute on our strategy.”
“I am thrilled to be joining Jack and the Sprouts leadership team,” said Molloy. “I have proudly served Sprouts for the past eight years, and I couldn’t be more excited about our current growth trajectory as we continue to implement our strategic priorities to deliver value to our stockholders.”
Molloy has served on Sprouts’ board of directors since 2013 and was its interim CFO from June 2019 to February 2020. In addition to his tenure at Sprouts, Molloy’s 30-plus year career includes executive leadership service as CFO of PetSmart Inc. and Under Armour Inc., as well as interim CEO of Torrid LLC. Molloy will step down from the Sprouts board of directors when he becomes CFO.
“On behalf of the Sprouts board of directors and entire Sprouts team, I want to sincerely thank Denise for her service to Sprouts,” said Sinclair. “Denise was integral in the formation of our long-term growth strategy and has set the company up for continued and sustained success. I wish her the best as she assumes an exciting new leadership role.”
“It has been a privilege to work alongside Jack and the Sprouts team,” said Paulonis. “While I look forward to ascending to a CEO role, I am confident that Sprouts is well-positioned for long-term profitable health.”