The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
The U.S. Air Force's top general says he hasn't received direction to send additional bombers to the Middle East after what is believed to be Iranian attacks on Saudi Arabian...Defenseread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses code-named 'Orion', people familiar with the matter told CNBC.Technologyread more
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
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.
This is the second governance change Whole Foods has made since the activists took a stake in the company. Previously, the grocer implemented a new board succession plan that was more in line with policies adopted by other companies. The grocery chain put a 15-year limit on the service tenure of new board members and added Google exec Mary Ellen Coe to the board. Coe was the first new appointee added to the board since 2008.
With Wednesday's changes, Coe was named chair of the nominating and governance committee.
The new directors have deep backgrounds in both retail in and in corporate turnarounds, while the new CFO brings much-needed e-commerce experience.
Whole Foods is operating in an increasingly competitive environment, with pressure from both conventional supermarkets such as Wal-Mart Stores and smaller chains such as Sprouts Farmers Market, which have focused on a strategy of lower pricing.
Whole Foods has tried to compete with its 365 chain, which features smaller stores and value pricing. It also has slowed its store expansion.
Grocery stores also are trying to grab more sales online. While shoppers are increasingly buying more goods over the internet, they have been a bit more hesitant to do their food shopping there. Still, traditional
Recently, there has been speculation that Albertsons could be a suitor for Whole Foods. That report, in the Financial Times, also indicated that Whole Foods had hired Evercore as an advisor.
— CNBC's Jeff Daniels contributed to this report.