Whole Foods Market CEO sorry for message board activity related to Wild Oats; board to investigate

By Lisa Kerner

Charlotte, N.C., July 17 - Whole Foods Market, Inc. co-founder, chairman and chief executive officer John Mackey apologized for what he called an "error in judgment," acknowledging his participation in online financial message boards.

Whole Foods' board has formed a special committee to investigate the message board activity related to Whole Foods and Wild Oats Markets, Inc. The special committee has also retained the firm of Munger, Tolles & Olson LLP to assist in the internal investigation.

The Securities and Exchange Commission is conducting its own inquiry into the matter. Whole Foods, upon being contacted by the SEC, said it intends to "fully cooperate" with the agency. The company will not comment further while the investigation is pending.

"I sincerely apologize to all Whole Foods Market stakeholders for my error in judgment in anonymously participating on online financial message boards. I am very sorry and I ask our stakeholders to please forgive me," Mackey said in a company statement.

As previously reported, Whole Foods' $18.50-per-share tender offer to purchase Wild Oats Markets ends at 5 p.m. ET on July 20. The companies entered into a merger agreement on Feb. 21.

Whole Foods Market is an Austin, Texas-based natural and organic foods retailer. Wild Oats Markets is a chain of natural and organic food markets based in Boulder, Colo.

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