John Mackey, CEO of Whole Foods apologized to shareholders on Tuesday for posting comments about his company under a false name on Yahoo Internet message boards. In the postings, Mackey talked up his company while predicting a bleak future for Wild Oats Markets Inc. , the rival his firm is trying to acquire.
Mackey’s apology comes following an announcement that the SEC has launched an investigation into the incidents which took place over an 8 year span.
“I sincerely apologize to all Whole Foods Market stakeholders for my error in judgment in anonymously participating on online financial message boards,” Mackey said in a statement on Tuesday. “I am very sorry and I ask our stakeholders to please forgive me.”
Last week, Mackey had defended the postings, saying he “posted on Yahoo! under a pseudonym because I had fun doing it. Many people post on bulletin boards using pseudonyms.”
Corporate governance expert Nell Minow of the Corporate Library agrees with our view here at CEO Smack…that Mackey won’t remain CEO for long.
“The fact that somebody has twisted his arm into saying he’s sorry just isn’t enough,” Minow said.
We agree with Ms. Minow. Mackey’s cavalier approach to business and his “I’m holier than thou” attitude towards the Federal Trade Commission are probably going to come back to haunt him on this one. We doubt the Whole Foods Board of Directors lets this one slide. Stay tuned………………………………………………………………….
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