Chip Molloy Named CFO at Sprouts as Denise Paulonis Departs

Sprouts Farmers Market said late Tuesday that its chief financial officer, Denise Paulonis, would be departing to take a CEO role at another company, and that Paulonis' predecessor as Sprouts’ CFO, Lawrence “Chip” Molloy, would succeed her effective Sept. 25.

Molloy has been a board member at Sprouts since 2013 and served as interim CFO from June 2019 to February 2020. He was then succeeded by Paulonis. Sprouts said Paulonis was on her way to another publicly traded company but did not identify it.

“There is no better successor to oversee our financial function than Chip,” Jack Sinclair, CEO of Sprouts, said in a statement. “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.”

In addition to his tenure at Sprouts, Molloy’s 30-plus year career includes executive leadership service as CFO of PetSmart and Under Armour as well as interim CEO of Torrid LLC. Molloy will step down from the Sprouts board of directors when he becomes chief financial officer.

Paulonis was a former CFO of the Michael’s craft chain and previously served with PepsiCo.

“On behalf of the Sprouts board of directors and entire Sprouts team, I want to sincerely thank Denise for her service to Sprouts,” Sinclair said. “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 chief executive officer role, I am confident that Sprouts is well-positioned for long-term profitable health.”