Sprouts Farmers Market, Inc. filed an 8-K with the SEC on September 1, 2026, disclosing that its Board of Directors appointed Nick Konat as Chief Executive Officer effective January 4, 2027, as part of a long-term succession process.

Key Highlights

  • New CEO appointed: Nick Konat, age 49, was named Chief Executive Officer and Board member, effective January 4, 2027.
  • Current CEO transitions: Jack Sinclair, who has served as CEO since June 2019, will become Executive Chairman of the Board on the same date.
  • Konat's incoming compensation: Annual base salary of $1,000,000 on the transition date, with a short-term bonus target of 125% of base salary and long-term equity incentive opportunity of 600% of base salary.
  • Interim salary increase: Konat's annual base salary was raised to $900,000, effective September 1, 2026, ahead of the formal transition.
  • Sinclair's new package: As Executive Chairman, Sinclair will receive an annual base salary of $900,000, a short-term bonus target of 100% of base salary, and a long-term equity incentive opportunity of 333% of base salary.
  • Board expansion: The Board will increase to nine members on January 4, 2027, with Joseph Fortunato serving as Lead Independent Director at that time.

Sprouts Farmers Market CEO Succession: Konat, Sinclair, and Board Changes

According to the filing, the Board of Directors of Sprouts Farmers Market, Inc. (NASDAQ:SFM) approved the appointment of Nick Konat as Chief Executive Officer on August 31, 2026. The transition is described as part of the company's "long-term succession process," with Konat assuming the role at the start of the company's 2027 fiscal year on January 4, 2027. Konat has served as the company's President and Chief Operating Officer since March 2022, overseeing "operations, marketing, merchandising, supply chain and innovation functions," the filing stated.

Before joining Sprouts, the filing disclosed that Konat served at Petco Health and Wellness Company, Inc. from September 2015 to March 2022, including as Chief Merchandising Officer from October 2018 to March 2022. Prior to Petco, he held roles at Target Corporation for over nine years across food and fashion categories, and spent six years with Accenture plc. The filing noted there are no family relationships between Konat and any director or executive officer of the company, and no arrangement or understanding with any other person regarding his appointment.

Jack Sinclair, who has led the company as CEO since June 2019, will move to the role of Executive Chairman upon the transition. The filing confirmed that on the transition date, the Board will grow from its current size to nine members, and Joseph Fortunato, currently Chairman of the Board, will serve as Lead Independent Director. Konat's initial term as a Board member is set to expire at the company's 2027 annual meeting of stockholders, according to the filing. The company also issued a press release on September 1, 2026, furnished as Exhibit 99.1 to the filing.

What Was Disclosed

Sprouts Farmers Market disclosed a planned CEO succession effective January 4, 2027, naming current President and COO Nick Konat as the incoming chief executive, with Jack Sinclair transitioning to Executive Chairman and related compensation packages approved for both executives.