Saturday, December 26, 2009
Restaurants John Mackey's role at Whole Foods changes
Posted by Cliff Bostock @cliffbostock on Sat, Dec 26, 2009 at 5:30 PM
John Mackey, controversial founder and CEO of Whole Foods, is giving up his role as chairman of the grocery chain's board, according to the Huffington Post.
The change follows three years of petitions for it by a shareholder activist group. Thus it's not a direct result of the column Mackey penned for the Wall Street Journal last summer. In it, he opposed President Obama's health care plan, which precipitated a boycott of the store by progressives.
The principal reason for the change is Whole Food's tumbling stock, which has fallen 30 percent in the last five years. The brouhaha over Mackey's column seems to have tipped the scales against him, but he will continue as CEO.
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