Whole Foods bans executives from message boards

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From Zac Bissonnette at BloggingStocks:

After Whole Foods Market (NASDAQ: WFMI) CEO John Mackey bizarre antics prompted an SEC investigation and widespread media hoopla, the company’s board of directors has decided on a new policy. Top executives and directors will now be explicitly prohibited from posting on online forums about the company, its vendors, or its competitors, except on Whole Foods-sponsored sites.

Happily, the change does not prohibit them from posting about other topics. So Mr. Mackey will still be able to compliment his own hairstyle while posting anonymously.

It’s kind of bizarre that Whole Foods even had to add this to its code of ethics, and it seems unlikely that this kind of thing will ever happen again at any normal company. Of course, it happens every day over at Overstock.com (NASDAQ: OSTK), where Director of Communications Judd Bagley routinely attacks critics on Yahoo! message boards and Wikipedia.
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Overstock Board of Directors??????

The SEC cares when CEOs post on message boards using pseudonyms????

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Patrick Byrne, CEO of Overstock.com O.coNote to Patrick Byrne, CEO of Overstock.com: Read carefully please.

Note to readers: Check out Gary Weiss’s comments on this situation.

According to the Wall Street Journal, the Securities and Exchange Commission has opened an informal inquiry into the message board postings of Whole Foods Market Inc.’s CEO John Mackey. Mackey has allegedly been posting on Yahoo stock boards using a pseudonym for the last 8 years. His postings included pumping Whole Foods’ stock, praising the company’s financial results, and bashing a company Whole Foods wanted to acquire. Continue reading