Sprouts Farmers Market Inc. will pay its new chief executive officer 17.5% more than its former CEO, according to documents filed Wednesday with the U.S. Securities and Exchange Commission.
After a months-long search, Phoenix-based Sprouts announced last weekthat Jack Sinclair, former CEO of 99 Cents Only Stores LLC, would take over as CEO on June 24.
According to the June 26 filings, Sinclair will be paid an annual base salary of $1.1 million, which is a significant increase from what former CEO Amin Maredia was paid.
In 2018, Maredia received an annual salary of $935,577, but when factoring in his bonuses, stock awards and other compensation, Maredia brought in nearly $4.5 million in 2018.
