Sprouts Farmers Market announced Tuesday that Chief Financial Officer Lawrence “Chip” Molloy will retire at the end of this year.
Molloy joined Sprouts in 2013 as a member of its board of directors and took over as CFO in September 2021, after Denise Paulonis left the specialty grocer to become CEO of Sally Beauty Holdings. Molloy also served as interim CFO from June 2019 to February 2020.
During his nearly two years as the company’s full-time CFO, Sprouts has had to weather a pandemic and record-high inflation that cut into store traffic and delivered lackluster sales results. The company’s earnings have improved recently, highlighted by a 3.2% increase in comparable store sales for the company’s second financial quarter, which ended July 2.
Sprouts also launched a new store format during Molloy’s time in the CFO chair and has set a growth pace of around 30 store openings per year. The company currently operates more than 390 stores across 23 states.
“Chip played an integral role in Sprouts’ development into a national brand and helped to usher in our long-term growth strategy,” Sprouts CEO Jack Sinclair said in a statement. “We are grateful for Chip’s many contributions to Sprouts’ long-term success and wish him well in his retirement.”
Before his time at Sprouts, Molloy served as CFO for PetSmart and clothing retailer Under Armour, according to his corporate profile page. He also served as interim CEO for Torrid and has been a board director for Pet Supermarket, Wingstop and Party City. Molloy served for 10 years as a U.S. Navy fighter pilot and retired from the Naval Reserve with the rank of commander.
