Lamb Weston restructures board due to pressure from shareholders Jana Partners and Continental Grain Co.

From Yahoo Finance: 2025-07-01 08:46:00

Lamb Weston has restructured its board following pressure from shareholders Jana Partners and Continental Grain Co., expanding to 13 members with four new appointees from the company and two mutually agreed upon. The changes were prompted by criticism from Jana Partners over performance issues, including profit warnings and layoffs. Both activist investors expressed satisfaction with the board changes, with plans for improving performance and shareholder value. The new board composition includes experienced industry veterans and independent members, with several current board members stepping down. CEO Michael Smith believes the outcome is in the best interest of the company and shareholders.

In other news, Lamb Weston received an unsolicited offer from TRC Capital Investment and was reportedly of interest to Post Holdings for acquisition. Lamb Weston’s latest financial results showed a 4% increase in third-quarter net sales to $1.52bn, with flat net income of $146m. Adjusted EBITDA rose 6% to $363.8m, with the company maintaining its fiscal 2025 outlook targeting net sales of $6.35bn to $6.45bn. Adjusted net income was forecasted at $440m to $460m, and adjusted diluted EPS at $3.05 to $3.20.



Read more at Yahoo Finance: Lamb Weston bows to pressure from Jana Partners with board revamp