Whole Foods shares spiked in trading on Friday following a report that one of the company’s largest shareholders is pushing for big changes.
Bloomberg reported, citing people familiar with the matter, that the shareholder met with potential activist investors to discuss changing the retailer’s management, and probably selling the company. The shareholder is one of Whole Foods’ largest ten, the report said.
The investor was concerned about high costs, poor inventory, and the company’s struggle to appeal to millennials, Bloomberg reported.
On Wednesday, Whole Foods announced that it was getting rid of its dual-CEO structure, and appointed John Mackey, a co-founder, as the chief executive.
Whole Foods shares jumped by as much as 5% following the news, before being halted for volatility. The stock has slid 13% this year.