The chief executive officer of Phoenix-based Sprouts Farmers Markets, Shon Boney, is now the company's chairman of the board.

Sprouts president Doug Sanders is now president and CEO, according to a news release.

Boney was CEO since the company’s founding in 2002. Boney plans to devote more time to his family while still being able to provide strategic oversight for Sprouts, according to the release.

Sanders joined Sprouts, a grocery chain focused on organic and natural foods, in 2002 and became president in 2005 after serving in many roles for the company, according to the release.

Boney continues to be a member on the board of directors.

“There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership,” Boney said in the release. “The other Board members and I have been preparing the company for this transition for some time.”