Last updated on June 14th, 2024 at 09:13 am
Is Whole Foods Market being primed for a takeover? Perhaps.
The Wall Street Journal and CNBC report that activist investor Jana Partners has built a nearly 9 percent stake in the Austin, Texas-based grocery chain and wants the company to “speed up its turnaround efforts while also exploring a possible sale.”
“The activist investor has also lined up a slate of potential members to join Whole Food’s board,” CNBC reports.
Jana is Whole Foods second-largest shareholder and, according to the news outlet, is putting pressure on the chain to improve its technology and operations to better compete.
Whole Foods began making noticeable changes last year, opening smaller, “quality-meets-value” stores called 365 by Whole Foods Market, and doing away with its co-CEO structure—pushing longtime leader Walter Robb from that position. Co-founder John Mackey currently serves as the organic grocer’s sole CEO.
