Founder and CEO John Mackey wrote about the merger in his new book "Conscious Leadership."
In his new book "Conscious Leadership," Mackey described the "whirlwind courtship" that precipitated his company's estimated $13.7 billion sale to Amazon. With many Whole Foods Market employees and customers complaining about thebrought about by the chain's e-commerce parent company, the grocery CEO's account provides more insight into the decision-making that went into the 2017 acquisition that shook the retail world.
Mackey wrote that he felt his company was facing an "existential crisis." A takeover by activist investors, in Mackey's opinion, could mean sacrificing the grocer's unique corporate culture and values. Instead, Mackey said he and his team began wrestling with the idea of a preemptive sale: "If we were to be sold, is there a buyer that we'd particularly prefer?"
Four days later, 10 Amazon executives descended on Whole Foods Market's headquarters in Austin to delve into the details of a potential acquisition. And that was just the start of what Mackey called a "whirlwind courtship."The companies entered into a formal agreement on June 15, 2017. After getting the go-ahead from the government, the arrangement was finalized on August 28 of that year.
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