NEW YORK (TheStreet) -- A Whole Foods (WFM) shareholder is said to have met with activist investors in order to discuss making dramatic changes at the organic grocery chain, which includes replacing management and even possibly selling the company, Bloomberg reported earlier today, citing sources.
One of the Bloomberg reporters that broke the story, Craig Giammona, appeared on Friday afternoon's "Bloomberg Markets: Americas" to further discuss the matter.
Investors "have concerns about the management of the company, the way it has been run," Giammona said. "Obviously you know they have a high profile CEO in John Mackey who just announced he's taking over full control, with [co-CEO] Walter Robb leaving."
What it comes down to is that investors don't believe the company has been well run, it is a company that should be "resonating with millennials," but hasn't and they want to know what is wrong, Giammona continued.
In an attempt to reach millennials, Whole Foods launched a new store concept called "365" last year. The concept launched in a few locations and the company is said to be coming out with a 2.0 version next year.
"People kind of think that there is hope [in 365] for growth, but it's too early to tell," Giammona said.
Going back to the management issues BloombergTV's David Gura questioned Giammona about the company's announcement that there would no longer be two CEOs going forward. He asked Giammona about the issues that led to that decision.