PROVIDENCE – United Natural Foods Inc. has appointed J. Alexander “Sandy” Miller Douglas as CEO, effective Aug. 9, the company said Wednesday.
Douglas will succeed Stephen L. Spinner, who is retiring. Spinner has led the company since 2008.
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Douglas most recently served as CEO of Staples Inc.
“We are pleased to welcome Sandy as our new CEO and member of the UNFI board,” said Denise Clark, chair of the UNFI board’s nominating and governance committee. “He has a demonstrated track record leading large-scale transformation and growth through strategic, customer-focused action. His extensive experience, which is directly aligned with UNFI’s focus on growing the core business while investing in innovation, make Sandy well-suited to successfully drive the company through its next chapter of growth.”
The company said that Douglas will receive an annual base salary of $1.05 million and an annual cash bonus with a value of 150% of his base salary based on achievement of certain fiscal year goals and objectives beginning with the 2022 fiscal year. Douglas’ annual equity award will be targeted at $3.9 million beginning with the fiscal 2022 award. In addition, he will be awarded an inducement equity award with a grant date fair value of $2 million, also subject to goals and objectives.
“It has been my great honor to lead UNFI,” said Spinner. “I am so proud of what this team, including Mr. Chris Testa, who will continue in his president role, continues to achieve as the largest grocery distributor in North America. With unmatched scale, product and service offerings, and a commitment to innovation and sustainability, I truly believe UNFI is positioned to deliver exceptional value for its customers and stakeholders.”
