Lamb Weston appoints new CEO amid activist pressure, cuts profit forecast, shares plummet 19%.

From Investing.com: 2024-12-19 06:57:27

Lamb Weston appoints Michael Smith as new CEO, replacing Thomas Werner, amidst pressure from activist investor Jana Partners. Shares plummet 19% as company trims profit and sales forecasts. Jana Partners, holding a 5% stake, criticizes management for failing to maximize shareholder value. Post Holdings explores potential buyout of Lamb Weston, with market cap of $11 billion. Demand for frozen potato sides weakens in U.S., prompting cost-saving measures and job cuts. Outgoing CEO warns of challenging conditions through fiscal 2026, cuts profit outlook to $3.05-$3.20 per share.



Read more at Investing.com: Lamb Weston replaces CEO amid push from Jana; shares slump on forecast cuts By Reuters