Jim Nielsen, the longtime president and chief operating officer of Sprouts Farmers Market Inc., has stepped down following an extended medical leave.
In a brief document filed Thursday with the U.S. Securities and Exchange Commission, the company said Nielsen is being transitioned to the position of senior adviser through March 31, 2020. Nielsen will be assigned responsibilities by recently hired Sprouts CEO Jack Sinclair.
In a new employment agreement between Nielsen and Sprouts, the company will continue to pay him his current base salary of $715,000 a year through March 31, 2020 and give him a 2019 bonus of $320,000.
Nielsen also will be eligible to continue to vest in his outstanding stock-based awards and continue to participate in Sprouts' benefit plans.
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