Whole Foods Board Wimps Out, Exonerates Mackey

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Market Movers

by Felix Salmon

Main

Toxic Waste Watch: Beware CDO-backed... Japan Datapoint of the Day

Nov 7 2007 4:48PM EST

When the world found out that John Mackey, the CEO of Whole Foods, was a sockpuppet hyping his own stock on internet message boards under an assumed name, it was clear that he should resign immediately. Instead, the Whole Foods board formed a Special Committee. And now, almost four months later, that Special Committee has finally acted:

Whole Foods Market Inc.'s board, reacting to Internet postings by its chief executive, amended the company's code of business conduct last week to sharply restrict online activities by the grocer's officials.
The new code bars top executives and directors from posting messages about Whole Foods, its competitors or vendors on Internet forums that aren't sponsored by the natural-foods chain.

Oh yes they did. They amended the company's code of business conduct. It seems that "Rahodeb" isn't the only puppet here: the entire Whole Foods board looks as though it's dancing on the end of strings manipulated by Mackey. Pathetic.

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