Whole Foods Market Inc. chief executive officer John Mackey has voluntarily relinquished his role as chairman of the group, according to a recent filing with the Securities and Exchange Commission in the US.
Mr Mackey, who has faced years of petitioning by an activist shareholder group to separate the roles of chairman and CEO, has held the position since the organic supermarket chain's inception in 1978, boston.com reported.
The group has said that lead director John Elstrott will take over the position of chairman, rendering his current position obsolete, while Mr Mackey remains on the board.
In November, the group revealed that comparable year-on-year profit increased in thefourth quarter (Q4) of fiscal year 2009, as it reapedthe benefits of extensive cost-cutting, branding and promotinglower-priced options.
Net income jumped to US$28.7m, or US$0.20 per diluted share, throughthe three months, compared with a profit of US$1.5m, or US$0.01 perdiluted share, during the fourth quarter of fiscal year 2008.
No comments yet