Big shakeup at Whole Foods Market

There’s been a reorganization at Whole Foods Market.



On Wednesday, the natural-foods retailer named a new chairwoman and five new independent directors, effective immediately. It also appointed a former Kohl’s executive as CFO.



The changes come as activist investors and restless shareholders have been demanding Whole Foods accelerate the turnaround of its business. The board shakeup came on the same day as the retailer released second quarter earnings that met analysts’ expectations.



The chain reported adjusted earnings of 37 cents per share on $3.74 billion in revenue for the second quarter. Same-store sales, however, fell for the seventh straight quarter, declining 2.8%.



Whole Foods named private equity executive Gabrielle Sulzberger as its new chairwoman. She is the wife of Arthur O. Sulzberger Jr., chairman and publisher of The New York Times.



The new directors are Ken Hicks, a former CEO of Foot Locker; Joe Mansueto, the founder and chairman of Morningstar; Sharon McCollam, a former CFO of Best Buy; Scott Powers, a former VP of State Street Corporation; and Ron Shaich, the founder and CEO of Panera Bread Company.



“With today’s additions to the board, and changes in our board’s leadership, we are well positioned as we enter the next phase of our evolution,” said John Mackey, co-founder and CEO of Whole Foods. “We believe that we have the right plan – and the right team – to execute on our initiatives at an aggressive pace, deliver results and enhance value for our shareholders.”



In addition, Whole Foods tapped Keith Manbeck as its new chief financial officer, effective May 17. He has served as senior VP of digital finance, strategy management and business transformation at Kohl’s since 2014. Prior to joining Kohl’s. Manbeck served as global VP and CFO for Nike’s Direct to Consumer business, At Whole Foods, he succeeds Glenda Flanagan, who announced her intent to retire from the grocer last year. She will remain with Whole Foods in a senior advisor capacity.



Whole Foods noted that with the newly announced changes. Its board will comprise 12 directors, 10 of whom are independent and six of whom were added in the last seven months. The new board includes nine directors who are current or former CEOs or CFOs and four female directors.