Sprout growing market Inc.
said Tuesday that board member Lawrence Molloy has been appointed as the supermarket chain’s new chief financial officer, effective September 25.
He will succeed Denise Paulonis, who is leaving the company to become CEO of a publicly traded retailer, Sprouts said.
Mr. Molloy has been a member of Sprouts’ board of directors since 2013 and served as the company’s interim chief financial officer from June 2019 to February 2020, Sprouts said. He will step down from the board if he takes on the role of CFO, said the Phoenix-based company.
Previously, Mr. Molloy was the CFO of PetSmart Inc. and Under Armor Inc. and the interim CEO of Torrid LLC, Sprouts said.
Mr. Molloy is expected to help the company manage spending more efficiently than it was before the pandemic and rely more on data analytics to target customers, including through increased personalized advertising, said Zain Akbari, equity analyst at Morningstar Research Services LLC Research provider.
Mr. Molloy’s responsibilities will be similar to Ms. Paulonis, the spokesman said, adding that the company’s financial strategy, which Mr. Molloy helped develop as interim CFO, will remain unchanged.
The company announced earlier this month that its net sales for the quarter ended July 4 decreased 7.4% year over year to $ 1.5 billion. Net income also declined 8.9% year over year to $ 61 million.
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