Wednesday, July 18, 2007

In Ur Boardroom Readin Ur Posts

by Tanta on 7/18/2007 07:28:00 AM

The Mackey saga continues:

July 17 (Bloomberg) -- Whole Foods Market Inc., the largest U.S. natural-foods grocer, said its board formed an independent committee to investigate postings made on financial message boards by Chairman and Chief Executive Officer John Mackey.

Whole Foods also has been contacted by the U.S. Securities and Exchange Commission, which is conducting its own inquiry into Mackey's messages, the company said today in a statement.

Mackey posted anonymous messages on Yahoo! Inc.'s financial chat boards from 1999 to 2006 using the name ``rahodeb.'' Some of his comments praised his company's performance while others criticized rivals such as Wild Oats Markets Inc., which Whole Foods is seeking to buy.

``I sincerely apologize to all Whole Foods Market stakeholders for my error in judgment in anonymously participating on online financial message boards,'' Mackey said today. ``I am very sorry and I ask our stakeholders to please forgive me.'' Mackey is also co-founder of the company.

The committee has retained Munger, Tolles & Olson LLP to assist in its internal investigation, the Austin, Texas-based company said.
That ought to produce about the most entertaining set of board minutes ever. Perhaps if Mackey's lucky they'll find enough variants on "hole f00dz diretorz r HOT!!1!!!" to keep them in a decent temper.