Whole Foods Shares Rise On Report Of Pending Board Change

Shares of Whole Foods Market Inc. rose 0.6% Wednesday following a Dow Jones Newswires report that the upscale grocery chain is looking to name a new chairman and replace half of its board. Activist investor Jana Partners LLC disclosed last month that it had built up an 8.8% stake in Whole Foods and is pushing for a quicker turnaround in its business as well as consider the possibility of a sale. However, the move to overhaul its board is not due to pressure from Jana Partners, according to the report. The company is scheduled to report second-quarter earnings after the market closes on Wednesday.