Posted on 08/26/2009 5:22:29 PM PDT by lqcincinnatus
CtW Investment Group Calls on Whole Foods Board to Remove Chair and CEO John Mackey FOR IMMEDIATE RELEASE Tuesday, August 25, 2009
CONTACT: Per Olstad, (202) 721-6027
The CtW Investment Group called on the Whole Foods Market (NYSE:WFMI) board to remove CEO John Mackey as Chairman and to begin the process of naming a new CEO in a letter to Whole Foods’ lead independent director, Dr. John Elstrott, yesterday afternoon. Citing the risk to Whole Foods’ brand reputation caused by Mr. Mackey’s editorial opposing President Obama’s proposed healthcare reform, CtW urged the board to take immediate action to prevent continued damage in the face of a quickly-growing boycott by Whole Foods’ progressive customer base.
“Mr. Mackey attempted to capitalize on the brand reputation of Whole Foods to champion his personal political views, but has instead deeply offended a key segment of Whole Foods consumer base,” said CtW Investment Group Executive Director Bill Patterson. “This is not the first time Mr. Mackey’s unsanctioned communications have damaged Whole Foods’ image with consumers and investors. At a time when shareholders are looking for Whole Foods’ management to focus on improving operations in an uncertain economy, we can not afford the risk to our Company’s brand reputation caused by Mr. Mackey’s indiscretion. He has become a liability and the board should begin the process of identifying a suitable replacement.”
For comment, please contact Per Olstad at (202) 721-6027. For more information regarding the CtW Investment Group please go to www.ctwinvestmentgroup.com. The text of CtW’s letter follows:
SEIU Capital Stewardship Program
SEIU Capital Stewardship Program offers corporate governance consulting and fund management services to private and public pension funds. It provides investment, shareholder activism, and fiduciary advisory services. SEIU Capital Stewardship Program, formerly known as CtW Investment Group, was founded in 2006 and is based in Washington, District of Columbia.
Which is it?
Uh, I think you are way off on that. Maximizing shareholder value requires also looking at the long term value, noting the present day value of decisions that affect the long term. The company should go with what makes the most sense over time, and that is how shareholder value is maximized.
I can't help wondering how "socialized medicine" helps these unions. Wouldn't the union members be worse off, compared to their current situation?
Oh, HELL no. They do that, they’re really gonna make me angry...
“If the leftist idiots purge Mackey, they may install a rabid ideologue who will ruin the business.”
That is what the leftist idiots are up to, and they will indeed destroy the business.
LOL! Mackey has a million plus shares? He should quit and cash them all in tomorrow. Look out below, Whole Foods, LOL!
Love it. :)
Who We Are
Founded in February 2006, the CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win, a federation of unions representing nearly 6 million members, to enhance long-term shareholder returns through active ownership. Members of CtW affiliates participate in Taft-Hartley plans with an estimated $217 billion in assets.
http://www.ctwinvestmentgroup.com/index.php?id=1
Whole Foods customers have reacted with outrage: at least 26,000 have now joined a Whole Foods Boycott page on Facebook.
++++++++++++
http://www.facebook.com/group.php?gid=116527991450&ref=search&sid=713098340.3652166600..1
I would suggest joining this group on Facebook! There are now 3,500 members - let’s see if we can’t counter the other group!!
In any case, it’s unbelievable to see what one op-ed piece, that really very sensible can do to the leftist clowns!
LOL! My nomination for post-of-the-day.
I'd like to see who they think that might be.
Must be the shell game again. Acorn can’t be far behind.
From the CtW Investment Group websit:
“Founded in February 2006, the CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win, a federation of unions representing nearly 6 million members,”
This seems like a “non-investment” company. They specifically disclaim being a “fiduciary” yet boast that they “work with” pension funds. It’s unclear from their website just what they do.
Seems to me that they are corporate level “Community Organizers” I wouldn’t be surprised to find out that they organized the fake outrage over Mackey’s article, which was rather thoughtful and clearly well intended.
I’m really not a Whole Foods fan even though I live in Austin and have many friends and associates in common with Mackey; but the idea that he’s putting the company at risk by contrasting the merits and success of his corporate health care plan vs. the failures of government controlled health care is blazingly stupid.
They need to buy back what CtW Investment Group owns in stock, and tell'em to cram it!
Mackey treats his employees unbelievably, benefits & Comp. In the mean time, Mackey take $1.00/year salary and a bonus based on profitability and budget (spending performance).
If this happens, I see a major lawsuit(s) (from their shareholders & maybe a employee class action) coming at Whole Foods for Corporate Malfeasance.
I hope all the unions go bust.
and Obama stickers on most of those cars....
They represent a federation of unions. Very credible...
It would be such a shame if they fire this CEO and I can no longer shop at Whole Paycheck. That means I’ll have to go to Sprouts Market and buy the exact same avocados for 88 cents each that I could have bought at Whole Paycheck for $1.69.
So, I’m seeing no involvement at all. Why should they care what CtW thinks?
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