Whole Foods Market's SEC filing announcing the end of Walter Robb’s term as co-CEO included an unusual change to the executive’s non-compete arrangement agreement.
Specifically, the agreement was amended to allow Robb to own and operate "a single retail store or coffee shop with his family in certain limited circumstances" without violating the non-compete arrangement. The filing also states Whole Foods will reimburse Robb for moving his personal possessions from his office at the company’s headquarters in Austin to California.
Speaking during an investor call last week regarding Whole Foods fourth quarter earnings, Robb focused on the board’s decision to "streamline" the management structure in order "to lead the company forward to the next level. And I will be here to continue to cheer that on, and I think that's where we are."
Robb officially steps down from the co-CEO role Dec. 31. He will remain a member of Whole Foods’ board of directors.
The SEC filing also details Robb’s future compensation and benefits, including "a lifetime discount card for purchases made at Company stores."