John Mackey

Amazon announced on Friday that it was buying the high-end grocer Whole Foods.

The company hosted a town hall meeting with staff on the same day to talk through the deal, and thanks to a Whole Foods filing with the Securities and Exchange Commission, we now know what was said.

The transcript from the town hall is pretty colorful, and we’d recommend you give the whole thing a read. One takeaway: Whole Foods is going to be changing.

Here are the key extracts from Whole Foods CEO John Mackey’s speech:

On cost cutting: “We’re gonna evolve. So I can’t say there’s not gonna ever be any changes. Because you already know we’re evolving. We are— we’ve sent out, publically, we’re doing category management. We’re committed to putting— launching affinity program. We’re gonna take $300 million out of our cost structure.”
On hiring consultants: “We’ve hired Boston Consulting Group, who’s come up with some amazing analysis of things that we can do to reduce our cost while improving our service to our customers. So this evolution’s gonna continue. We do think our partnership with Amazon is gonna help us do that more skillfully and, hopefully, faster.”
On leadership changes: “There’ll …read more

Source:: Businessinsider – Finance

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