Sprouts Farmers Market Names New CFO

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Sprouts Farmers Market Names New CFO

By Gina Acosta - 01/08/2020
Spouts Farmers Market Names New CFO
Denise Paulonis brings more than 25 years of experience in finance, accounting, investor relations, corporate strategy, tax, treasury, supply chain and risk management to her new role at Sprouts 

Sprouts Farmers Market has recruited a longtime retail executive to be its new permanent CFO.

The grocer announced that Denise Paulonis will join the company as CFO, effective Feb. 1. Paulonis' most recent role was EVP and CFO of The Michaels Cos. She brings more than 25 years of experience in finance, accounting, investor relations, corporate strategy, tax, treasury, supply chain and risk management to her latest position. 

“We are absolutely delighted to welcome Denise to Sprouts as our new CFO,” said Jack Sinclair, CEO and a director of the company. “Denise’s deep experience in specialty retail and financial acumen will be invaluable to our leadership team as we chart the long-term strategy of our company.”

Since June, Sprouts’ CFO position has been filled in an interim basis by Chip Molloy, a company board member. When Sinclair was named CEO in June, former CFO Brad Lukow resigned.

Paulonis joined Irving, Texas-based arts-and-crafts store chain Michaels in 2014, and prior to her tenure as EVP and CFO from 2016 to 2019, held various finance roles within the organization, including SVP of finance and treasurer, and VP of corporate finance, investor relations and treasury.

Before joining Michaels, Paulonis held various senior level positions with Purchase, N.Y.-based PepsiCo from 2009 to 2014, including VP of financial planning and analysis of the Frito Lay division, VP of finance and strategy of PepsiCo U.S. sales, and VP of corporate strategy and development. Prior to joining PepsiCo, Paulonis held various senior positions with McKinsey & Co. and Bank of America. 

She currently serves on the board of directors of Sally Beauty Holdings Inc. and earned a bachelor of science degree in finance and economics from Miami University and a master's of business administration degree from The Wharton School at the University of Pennsylvania.

“I am privileged to join Sprouts at this exciting stage in its development," Paulonis said.  “This company pioneered making healthy eating accessible to everyday grocery shoppers, and I look forward to working with the team to build upon this foundation to create long-term shareholder value.”  

In somewhat of a reverse move, former Walmart executive Ashley Buchanan recently became Michaels' CEO.

One the fastest-growing retailers in the country, Sprouts employs more than 30,000 associates and operates 340 stores in 22 states. The Phoenix-based company is No. 22 on Progressive Grocer’s 2019 Super 50 list of the top grocers in the United States. Walmart is No. 1.