BloggingStocks

Time for Whole Foods to dump John Mackey

Posted Jul 18th 2007 5:00PM by Zac Bissonnette
Filed under: Management, Law, Scandals, Whole Foods Market (WFMI)

Whole Foods (NASDAQ: WFMI) CEO John Mackey needs to retire to spend more time with his family. In addition to the fact that the share price has lost nearly half its value in less than 2 years, Mr. Mackey has demonstrated appallingly bad judgment, and may even have crossed the line into violations of Regulation FD.

When asked -- Actually, he wasn't asked. just decided to post a rant on his blog -- to explain his emails to board members regarding the proposed acquisition of Wild Oats (NASDAQ: OATS), he chalked it up "macho posturing." Macho posturing? Can you imagine how much fun that guy must be to work with?

Mackey apologized for "errors in judgment", for which he received the "gold medal for understatement" from BloggingStocks writer Jonathan Berr. Berr called it "monumental stupidity" and I would agree with that characterization. Do Whole Food shareholders really want someone who is monumentally stupid running a $5.7 billion company?

Whole Foods' board of director has announced a probe into Mackey's actions, and the SEC is also investigating.

Perhaps Mackey's penchant for "macho posturing" is preventing him from stepping down, but it really would be the best thing for all involved.

Tags: Mackey, OSTK, Overstock, WFMI, Whole Foods, WholeFoods

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