Amazon (AMZN) has chosen Whole Foods CEO Jason Buechel to run its expanding grocery business.
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Amazon said that Buechel will “take on an expanded responsibility leading worldwide grocery stores” while continuing to also lead Whole Foods. Amazon acquired the upscale grocer Whole Foods for $13.7 billion back in 2017.
“In his time as CEO, Jason has unlocked our ability to make high-quality natural and organic groceries more affordable and accessible to customers, helping (Whole Foods) achieve record sales growth and expand to over 535 locations,” said Amazon in a statement announcing the appointment.
Buechel has been CEO of Whole Foods since 2022 after the company’s co-founder John Mackey retired. In his expanded role leading Amazon’s grocery business, Buechel will succeed Tony Hoggett, who left Amazon last autumn.
Expanded Role
Going forward, Buechel will oversee not only Whole Foods but also Amazon’s growing grocery business, which includes its line of Fresh supermarkets and Go online grocery service. Amazon has long been determined to cement itself as a grocery destination for shoppers, seeking to challenge Walmart (WMT), which has grown to be the largest grocery retailer in the U.S.
Since acquiring Whole Foods, Amazon has launched its own chain of Fresh supermarkets, and it has taken steps to unify its online and brick-and-mortar grocery operations while appealing to a broader range of consumers across the income spectrum.
AMZN stock has risen 46% over the last 12 months.
Is AMZN Stock a Buy?
The stock of Amazon has a consensus Strong Buy rating among 50 Wall Street analysts. That rating is based on 49 Buy and one Hold recommendations issued in the last three months. The average price target on AMZN stock of $255.47 implies 8.52% upside from current levels.
