Whole Foods Markets (WFM)

[DewDiligence]

WFM will jettison majority of BoD, according to sources:

https://www.wsj.com/articles/whole-foods-plans-to-change-more-than-half-of-board-of-directors-1494437382

Whole Foods Market Inc. is dramatically reshaping its board of directors, an effort to show it is open to change after two big shareholders called on the organic grocery chain to explore a sale.

The Austin, Texas, company plans to remove more than half of its 12 sitting directors over the course of the year and name a new chairman, according to people familiar with the matter.

The shake-up isn’t part of a settlement with Jana. Whole Foods privately offered to take two of Jana’s nominees for the board, but the hedge fund balked at the offer and restrictions it would have imposed on its ability to keep pushing for more change as soon as this summer, a Jana spokesman said.

WFM reports FY2Q17 earnings today, after the close.