Whole Foods Investors Not Impressed with Changes
Whole Foods Market's board overhaul has failed to satisfy activist investor Jana Partners, according to a person familiar with the matter, reports Reuters. Jana is concerned about the lack of grocery experience among the new directors, as well as their arrival after, rather than before, the company's introduction of a new operational plan, according to the source. The new directors hail from companies such as Foot Locker, Best Buy and Panera Bread.
In an analyst note, Credit Suisse reflected the concern, saying "We see the moves as a step in the right direction, but were disappointed by the lack of food retail experience among the new board members." Whole Foods' new board chair, Gabrielle Sulzberger, praised the new directors, however, calling them "value creators and recognized leaders in their respective areas of expertise," reports Reuters. Full Story
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