John Mackey, the CEO of Whole Foods, has been something of a social media hero among those of us who advocate the use of blogs and other tools to achieve business goals. Mackey has blogged regularly on the Whole Foods website and recently took his battle with the U.S. Federal Trade Commission—which wants to block Whole Foods’ merger with rival Wild Oats—to his blog.

It is therefore saddening to see the fallout from the revelation that Mackey has routinely engaged in discussions on financial message boards about his company—touting Whole Foods as an investment—using a pseudonym. He posted items under the name harobed, an anogram for Deborah, his wife’s name. It was the FTC that exposed Mackey’s involvement.

Watching CNBC this morning, I heard several commentaries about Mackey’s possible ouster by the board. Dave Gardner from The Motley Fool and PR veteran Bob Dilenschneider both suggested a hiatus is more appropriate, from which Mackey could return in a year or 18 months, assuming an investigation by the Securities and Exchange Commssion doesn’t turn up more than what is currently known. Mackey didn’t lie in any of his posts, leading some to believe that he didn’t violate any laws, even if he did violate ethical standards.

There is nothing on Mackey’s blog about all of this, which is sad. (In fact, the last post dates back to June 27.) He should have posted something contrite, apologizing for his overzealousness. No doubt, the lawyers have told him to refrain from posting anything. June 26 is the date of the company’s latest press release, and there’s not a word on the Whole Foods FTC hearings update page. He might also have explained why he felt compelled to use a phony name instead of simply signing his contributions, “John Mackey, CEO, Whole Foods.”

I don’t doubt Mackey’s actions were motivated by zeal, but that doesn’t make them right. The missing ingredient in all this, from what I can tell, is a strategy. Rather than adhere to a plan for blogging and participating in social media, Mackey just did whatever felt right. This is why I have never told a client, “You should be blogging,” but rather recommend blogging when, as a tactic, it can serve to meet business objectives.

Sadly, this incident will probably be used by anti-corporate-blogging forces as evidence supporting their point of view. From my point of view, it simply means that if you’re going to engage in social media on behalf of your company, you should do so transparently and ethically.