A few months ago, we had some discussion of Whole Foods, WFMI. Become a Complete Fool
Since my son worked there, I had a pretty good understanding of how things worked behind the scenes, and I was fairly impressed with the company.
Since the stock was beaten, bruised, and otherwise ravaged, I decided to buy a pilot position. I've been watching it drop a little since then, but had no real worries about it.
Then yesterday, the news broke about the CEO getting onto various internet forums and making totally inappropriate posts about his chief competitor, Wild Oats. This is particularly disturbing (and possibly illegal) since he was in the process of trying to acquire that company.
Well, I don't know about you, but when the CEO of a company is as totally irresponsible, unprofessional, and just plain stupid as that, I think it might be time to head for the exits. There is a chance that the board will fire him, but since he is the founder of the company, it may not be possible. In either case, things seem likely to get worse before they get better at WFMI.
So all I can do at this point is get on the PA system and yell "Cleanup on Aisle 3 - money spill - bring a mop!" and liquidate my position. I think there are better places for my money right now...
Join the best community on the web! Becoming a full member of the Fool Community is easy, takes just a minute, and is very inexpensive.
A few months ago, we had some discussion of Whole Foods, WFMI.
Become a Complete Fool