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Whole Foods to remove seven directors from the board -source
May 10, 2017 / 6:00 PM / 6 months ago

Whole Foods to remove seven directors from the board -source

NEW YORK, May 10 (Reuters) - Whole Foods Markets Inc. will remove seven directors from its board, according to a person familiar with the matter said on Wednesday, under pressure from activist hedge fund Jana Partners.

Whole Foods is expected to add four more directors, the person said on condition of anonymity, and will reduce the size of its board.

Whole Foods has not struck a standstill agreement with Jana, according to the source, meaning the hedge fund can continue to put pressure on the company to turn around its performance.

Jana Partners and a spokesman for Whole Foods were not immediately available for comment. (Reporting by Michael Flaherty; Editing by Paul Simao)

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