Board Shakeup to Diminish Our Stewardship Rating for Whole Foods, Overshadows Turnaround Plan
Narrow-moat Whole Foods’ second-quarter earnings (which featured a 2.8% comparable store sales dip alongside an 8.5% adjusted EBITDA margin) and fiscal 2020 targets were overshadowed by its decision to make wholesale changes to its board of directors. Five new independent members were nominated (to replace the same number of existing, but retiring, directors). The new slate includes Joe Mansueto, Morningstar Inc.’s founder, executive chairman, and majority owner. However, while Whole Foods and M...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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