“Now we’ll be waiting to see if the newly reconstituted board can show a real commitment to fixing the operations at Whole Foods
and pursuing all avenues to shareholder value creation.”
The new directors announced by Whole Foods are Ken Hicks, a former chief executive of Foot Locker; Joe Mansueto, the founder
and chairman of Morningstar; Sharon McCollam, a former chief financial officer of Best Buy; Scott Powers, a former vice president of State Street Corporation; and Ron Shaich, the founder and chief executive of Panera Bread Company.
Each of the four board members Jana proposed — a group
that included Glenn Murphy, a former chief executive of Gap Inc., and Mark Bittman, a former food columnist for — bought their own stakes in the company.
Whole Foods, Facing Pressure From Activist Investor, Shakes Up Board –
By ALEXANDRA STEVENSONMAY 10, 2017
Whole Foods Market is shaking up its board — replacing five of the company’s directors
and naming a new chairwoman — as it confronts pressure from an activist investor and other restless shareholders.
“We decided we’d rather keep all options on the table, particularly given all the change at the company being announced
and the pivotal issues facing the company right now,” the Jana spokesman said in a statement.
The company also said that Keith Manbeck, a former vice president of Kohl’s, would become its new chief financial officer.
Jana Partners, a $8.5 billion hedge fund, announced a major investment in Whole Foods last month and also proposed four new board nominees.
The new chairwoman will be Gabrielle Sulzberger, a private equity executive, the company said in a statement on Wednesday.