Whole Food Markets on Wednesday announced a big shake-up of its board and named a new CFO as it works to turn around its struggling business, which has seen seven straight quarters of same-store sales declines.
Keith Manbeck was tapped for the chief financial officer post, effective May 17. Most recently, Manbeck was senior vice president of digital finance, strategy management and business transformation at Kohl's.
At the midtier department store, Manbeck helped lead key initiatives, including the development of Kohl's e-commerce business.
Manbeck succeeds Glenda Flanagan, who will retire as CFO. Flanagan's plans to retire were announced last November; she will remain a senior advisor to the company.
Meanwhile, the grocer also named five new independent directors to its board, effective immediately, and tapped Gabrielle Sulzberger as its chair. Sulzberger has been on Whole Foods' board since December 2016.
The five new directors are Ken Hicks, chairman, president and CEO of Foot Locker; Joe Mansueto, founder and executive chairman of Morningstar; Sharon McCollam, former executive vice president, chief administrative and chief financial officer of Best Buy; Scott Powers, who has held various positions at State Street; and Ron Shaich, founder, chairman and chief executive of Panera Bread.
The five new directors replace five members who have resigned from the board: John B. Elstrott, the former board chairman, and Morris Siegel, Jonathan Sokoloff, Ralph Sorenson and William Tindell.
The management changes come as Whole Foods faces scrutiny from activist investors, Jana
Neither Jana nor Neuberger were immediately available to comment on the changes.
The company's fiscal second-quarter earnings, which also were reported Wednesday, showed sales continued to decline, even though earnings met Wall Street's expectations.
Whole Foods shares rose 2 percent after the market's close.