This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Whole Foods Awaits Vote on Board Ouster

NEW YORK ( TheStreet) -- Whole Foods Market (WFMI) investors are awaiting the decision of a vote today that will make it easier for shareholders to force out directors.

If passed, the proposal -- submitted by Amalgamated Bank's shareholder-activist program LongView Funds -- would negate a bylaw change Whole Food's directors put in place following a Securities & Exchange Commission investigation Chairman and Chief Executive John Mackey in April 2008.

At the time the board voted without any advance notice to shareholders to allow shareholders to remove directors only when there was cause. But "cause" was only loosely defined as a criminal indictment or legal finding that the director had violated their duties to the company.

The new proposal, which seeks a bylaw change to permit shareholders to remove a director either "with or without cause," will be voted on at the company's annual meeting in Vancouver today.

The SEC investigated Mackey's anonymous comments on a financial chat forum from where he praised Whole Foods' and criticized rival Wild Oats Markets. Whole Foods later purchased Wild Oats. The SEC did not take action against Whole Foods or Mackey.

-- Reported by Jeanine Poggi in New York.

Follow on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.80 0.17%
GOOG $696.09 -0.30%
FB $117.77 -0.67%
YHOO $36.10 -1.20%
TSLA $234.56 -3.00%


Chart of I:DJI
DOW 17,712.38 -178.78 -1.00%
S&P 500 2,060.31 -21.12 -1.01%
NASDAQ 4,763.1840 -54.41 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs