Sprouts Farmers Market names Nick Konat next CEO
Rhea-AI Filing Summary
Sprouts Farmers Market, Inc. (SFM) announced a planned leadership succession under which Nick Konat, currently President and Chief Operating Officer, will become Chief Executive Officer and join the board of directors effective at the start of the 2027 fiscal year on January 4, 2027. Current CEO Jack Sinclair, who has led the company since 2019, will transition to the role of Executive Chairman on that date.
Konat’s compensation will increase to an annual base salary of $900,000 effective September 1, 2026, then to $1,000,000 on the Transition Date, with a target cash bonus opportunity of 125% of base salary and long-term equity incentive opportunity of 600% of base salary. Sinclair, as Executive Chairman, will receive a $900,000 base salary, a 100% target cash bonus opportunity, and a 333% long-term equity incentive opportunity. The board will expand to nine members when Konat joins, and Joe Fortunato will become Lead Independent Director on January 4, 2027.
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Transition Date: January 4, 2027
Konat base salary Sept 2026: $900,000
Konat base salary as CEO: $1,000,000
+5 more
8 metrics
Transition Date
January 4, 2027
Effective date when Nick Konat becomes CEO and Jack Sinclair becomes Executive Chairman
Konat base salary Sept 2026
$900,000
Annual base salary for Nick Konat effective September 1, 2026
Konat base salary as CEO
$1,000,000
Annual base salary starting on the Transition Date
Konat target cash bonus
125% of annual base salary
Target short-term performance-based cash bonus opportunity as CEO
Konat long-term equity incentive
600% of annual base salary
Long-term equity incentive compensation opportunity as CEO
Sinclair base salary as Executive Chairman
$900,000
Annual base salary in Executive Chairman role
Sinclair target cash bonus
100% of annual base salary
Target short-term performance-based cash bonus opportunity as Executive Chairman
Sinclair long-term equity incentive
333% of annual base salary
Long-term equity incentive compensation opportunity as Executive Chairman
Key Terms
Executive Chairman, Lead Independent Director, long-term equity incentive compensation, Regulation FD Disclosure, +1 more
5 terms
Executive Chairman financial
"will transition to the role of executive chairman"
An executive chairman is the board leader who also takes an active role in running the company, combining oversight of the board with hands-on involvement in strategy and major decisions. For investors, this matters because it concentrates influence in one person—like a team captain who both sets the game plan and plays on the field—so their judgment can speed decisions but also increases governance and succession risk that can affect stock value.
Lead Independent Director financial
"Joseph Fortunato, Chairman of the Board, will serve as Lead Independent Director"
A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.
long-term equity incentive compensation financial
"long-term equity incentive compensation opportunity will be 600% of his annual base salary"
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure"
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
forward-looking statements regulatory
"Certain statements in this press release are forward-looking as defined"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What CEO change did SFM announce in this 8-K?
Sprouts Farmers Market, Inc. announced that Nick Konat, currently President and COO, will become Chief Executive Officer and join the board on January 4, 2027, while current CEO Jack Sinclair will transition to the role of Executive Chairman on the same date.
When will the CEO transition at SFM become effective?
The leadership transition becomes effective on January 4, 2027, the start of Sprouts Farmers Market’s 2027 fiscal year. On that date, Nick Konat becomes CEO and director, and Jack Sinclair assumes the role of Executive Chairman of the board.
What is the new CEO compensation package for Nick Konat at SFM?
Effective September 1, 2026, Nick Konat’s base salary increases to $900,000. On January 4, 2027, it rises to $1,000,000, with a target short-term cash bonus of 125% of base salary and a long-term equity incentive opportunity of 600% of base salary.
How will Jack Sinclair be compensated as Executive Chairman at SFM?
As Executive Chairman, Jack Sinclair will receive an annual base salary of $900,000, a target short-term performance-based cash bonus opportunity equal to 100% of his base salary, and a long-term equity incentive compensation opportunity equal to 333% of his base salary.
How is the SFM board of directors changing with this CEO transition?
On January 4, 2027, the board will expand to nine members when Nick Konat joins as a director. At the same time, Joseph (Joe) Fortunato, currently Chairman, will serve as Lead Independent Director of the board.
What is SFM’s current scale of operations mentioned in the filing?
Sprouts Farmers Market is described as employing approximately 36,000 team members and operating more than 480 stores across 25 states in the United States, positioning it as a large and growing specialty retailer of fresh, natural and organic food.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 31, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
(480 ) 814-8016
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Chief Executive Officer Succession
On August 31, 2026, as part of its long-term succession process, the Board of Directors (the “Board”) of Sprouts Farmers Market, Inc. (the “Company”) appointed Nick Konat as Chief Executive Officer and as a member of the Board, effective at the beginning of the Company’s 2027 fiscal year (January 4, 2027)(the “Transition Date”). Jack Sinclair, who has served as Chief Executive Officer since June 2019, will transition to the role of Executive Chairman of the Board at that time.
Mr. Konat, age 49, has served as the Company’s President and Chief Operating Officer since March 2022, where he has overseen the Company’s operations, marketing, merchandising, supply chain and innovation functions. Mr. Konat previously served at Petco Health and Wellness Company, Inc. (“Petco”) from September 2015 to March 2022, culminating as the Chief Merchandising Officer from October 2018 to March 2022. Prior to joining Petco, Mr. Konat served over nine years at Target Corporation, where he held a range of merchandising, planning, and leadership roles across the food and fashion categories. Mr. Konat also spent six years with Accenture plc.
In connection with his appointment, the Board approved a new compensation package for Mr. Konat to increase his annual base salary to $900,000, effective September 1, 2026. On the Transition Date, Mr. Konat’s annual base salary will increase to $1,000,000, his target short-term performance-based cash bonus opportunity will be 125% of his annual base salary, and his long-term equity incentive compensation opportunity will be 600% of his annual base salary. Mr. Konat will also continue to be eligible to participate in the Company’s Amended and Restated Executive Severance and Change in Control Plan on substantially the same terms as other executive officers of the Company.
There are no family relationships between Mr. Konat and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K, nor are any such transactions currently proposed. There is no arrangement or understanding between Mr. Konat and any other person pursuant to which Mr. Konat was appointed Chief Executive Officer and a director.
In connection with his transition to Executive Chair, the Board approved a new compensation package for Mr. Sinclair comprised of an annual base salary of $900,000, a target short-term performance-based cash bonus opportunity of 100% of his annual base salary, and a long-term equity incentive compensation opportunity of 333% of his annual base salary.
Board Transition
In connection with Mr. Konat’s appointment to the Board, on the Transition Date, the Board will increase to nine members, and Mr. Konat will be appointed to serve for an initial term as a director expiring at the Company’s 2027 annual meeting of stockholders. On the Transition Date, Joseph Fortunato, Chairman of the Board, will serve as Lead Independent Director of the Board.
Item 7.01 Regulation FD Disclosure.
On September 1, 2026, the Company issued a press release announcing the aforementioned leadership transitions. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information furnished in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any reports or filings with the SEC, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit Number | Description | |||||||
| 99.1 | Press release of Sprouts Farmers Market, Inc., dated September 1, 2026 entitled "Sprouts Farmers Market, Inc. Announces CEO Succession" | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SPROUTS FARMERS MARKET, INC. | ||||||||
| Date: September 1, 2026 | By: | /s/ Brandon F. Lombardi | ||||||
| Name: | Brandon F. Lombardi | |||||||
| Title: | Chief Legal Officer and Corporate Secretary | |||||||
Exhibit 99.1
Investor Contact: | Media Contact: | ||||
Susannah Livingston | media@sprouts.com | ||||
(602) 682-1584 | |||||
susannahlivingston@sprouts.com | |||||
Sprouts Farmers Market, Inc. Announces CEO Succession
Nick Konat Appointed Chief Executive Officer and Director Effective January 2027
Jack Sinclair to Transition to Executive Chairman
PHOENIX, Ariz. – (Business Wire) – Sept 1, 2026 – Sprouts Farmers Market, Inc. (Nasdaq: SFM) today announced a planned leadership transition, effective January 4, 2027, whereby Nick Konat, current president and chief operating officer, will take on the role of chief executive officer and join the board of directors. Jack Sinclair, who has served as CEO since 2019, will transition to the role of executive chairman.
Sinclair said, “The Board and I have spent significant time and consideration developing our succession plan, and we believe that now is the right time to transition Sprouts to its next generation of leadership. Following the Board’s comprehensive search process, we determined that Nick was the right leader for Sprouts. I’ve worked closely with Nick since he joined Sprouts in 2022 and seen firsthand his talent, drive and strong dedication to our people. He played a central role in shaping and executing our strategy, and I have tremendous confidence in his ability to lead the company to new heights. I want to thank all our team members for their deep commitment to Sprouts and their support for each other, our customers, our communities and our shareholders. I will be supporting Nick during the transition period, and it will be a privilege for me to continue serving Sprouts as its executive chairman.”
“Jack has guided the company through a significant phase of transformation and value creation. We are extremely grateful for his leadership,” said Joe Fortunato, chairman of the board of Sprouts. “I am proud of the work that our Board has put into our succession planning. The Board believes that Nick’s experience, along with his deep knowledge of our business and Sprouts’ unique culture and market position, make him the ideal leader for the next phase of the company’s journey. We are also pleased that Jack will continue serving as a trusted partner to him. This transition enables Jack’s ongoing involvement while allowing Nick’s significant depth and breadth of experience to shine even brighter.”
“It will be an honor to serve as the next CEO of Sprouts at this exciting and important time for our company,” said Konat. “We remain focused on executing our growth strategy, expanding into new markets and strengthening our connection with customers as we navigate an evolving consumer environment. I am grateful to Jack and our Board for their leadership, support, and confidence in me. I look forward to continuing to work closely with Jack to ensure a seamless transition. Since I joined Sprouts, our dedicated team and our purpose—to help people live and eat better—have inspired me every day. Looking ahead, I am confident in the opportunities before us and in our ability to build on our momentum and create long-term value for our shareholders.”
As part of this leadership transition, Joe Fortunato will serve as lead independent director beginning January 4, 2027, the first day of Sprouts’ 2027 fiscal year.
About Nick Konat
Konat joined Sprouts in March 2022 as president and chief operating officer where he has overseen the company’s operations, marketing, merchandising, supply chain, and innovation functions. Konat previously served at Petco Health and Wellness Company for over six years, culminating as chief merchandising officer. Prior to joining Petco, Konat served over nine years at Target Corporation, where he held a range of merchandising, planning, and leadership roles across the food and fashion categories. Konat also spent six years with Accenture plc, a multinational professional services company. Konat holds an honors bachelor’s degree in political science and government from St. John’s University.
About Sprouts Farmers Market, Inc.
Sprouts Farmers Market is one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States. Sprouts helps people live and eat better with fresh produce at the heart of the store and delicious discoveries for every dietary lifestyle. Always foraging for what’s fresh and innovative, Sprouts offers a carefully curated assortment of products that inspire wellness naturally, including organic, gluten-free, plant-based and non-GMO favorites. Headquartered in Phoenix, AZ, Sprouts employs approximately 36,000 team members and operates more than 480 stores in 25 states nationwide. To learn more about Sprouts and the role it plays in its communities, visit sprouts.com/about/.
Forward-Looking Statements
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including those using “believes,” “will,” “look forward,” or “am confident” or the negative of these terms and other similar expressions) should be considered forward-looking statements, including, without limitation, statements regarding the company’s outlook, growth, opportunities and long-term strategy. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks and uncertainties include, without limitation, risks related to the upcoming CEO transition; the company’s ability to execute on its long-term strategy; the company’s ability to successfully compete in its competitive industry; the company’s ability to successfully open new stores; the company’s ability to manage its growth; the company’s ability to maintain or improve its operating margins; the company’s ability to identify and react to trends in consumer preferences in a timely manner; product supply disruptions; equipment supply disruptions; general economic conditions that impact consumer spending or result in competitive responses; accounting standard changes; potential inflationary and/or deflationary trends; tariffs; and other factors as set forth from time to time in the company’s Securities and Exchange Commission filings, including, without limitation, the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The company intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more information becomes available, except as required by law.
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Source: Sprouts Farmers Market, Inc
Phoenix, AZ
9/1/26