Whole Foods Market has announced that co-founder and chief executive John Mackey has voluntarily given up the title of chairman in a bid to strengthen corporate governance at the natural and organic retailer.
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Mackey, who has served as chairman since the company’s inception in 1978, said that the move is believed to be in the “best interests of the company and its stakeholders”.
Since 2000, the chairman’s responsibilities at Whole Foods have been transferred to the board’s lead director, rendering the chairman role “a mere title”, the company said.
Current lead director Dr John Elstrott will become chairman and the position of lead director will be retired. Elstrott has served on the board since 1995 and held the position of lead director since 2001.
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By GlobalData
