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Whole Foods board overhaul fails to satisfy activist Jana: source

FILE PHOTO: Customers leave the Whole Foods Market in Boulder, Colorado May 10, 2017.

The board overhaul at Whole Foods Markets Inc (WFM.O) has failed to satisfy Jana Partners, according to a person familiar with the matter, signaling that the month-long battle between the organic grocer and activist hedge fund is no nearer to a conclusion.

Jana, which owns 8.3 percent of the company, is worried about the lack of grocery experience among the five new directors the company appointed on Wednesday, the person said, as well as their arrival after - not before - the company's introduction of a new operational plan.

Whole Foods' new directors include the former chief executive of retailer Foot Locker, the former CFO of...


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