Whole Foods Investors Applaud Shake-Up, But Jana Isn't Satisfied
- Organic grocer appoints five new directors, replaces chairman
- Activist investor Jana announced stake in Whole Foods in April
Where Whole Foods Stands in Its Fight Against Jana
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Whole Foods Market Inc. shareholders are cheering the company’s efforts to overhaul its board, cut costs and reignite sales. But Jana Partners, which has been pushing for a shake-up, isn’t yet satisfied.
The activist investor is maintaining a wait-and-see attitude in the wake of the changes, which include the appointment of five independent directors and a new chairman. Whole Foods had hoped to reach a truce with the firm, which announced a 8.3 percent stake in the supermarket chain last month. But Jana rejected the idea, preferring instead to keep its options open.