Lamb Weston Announces Appointment of Six New Independent Board Directors

Lamb Weston Announces Appointment of Six New Independent Board Directors

Lamb Weston Holdings, Inc. (NYSE: LW), a leading supplier of frozen potato products to restaurants and retailers around the world, has announced a significant governance update through a cooperation agreement reached with activist investment firm JANA Partners Management, L.P. (“JANA”) and long-standing agribusiness investor Continental Grain Company (“Continental Grain”). The agreement, which reflects a collaborative effort to strengthen Lamb Weston’s leadership and future direction, will result in the appointment of six new independent directors to the company’s Board of Directors.

Key Board Appointments and Changes

As part of the agreement, Lamb Weston will welcome four new directors directly: Bradley Alford, Ruth Kimmelshue, Timothy McLevish, and Scott Ostfeld. In addition to these appointments, Lawrence Kurzius and Paul Maass—candidates jointly agreed upon by Lamb Weston, JANA, and Continental Grain—will also be joining the Board. These changes reflect a shared vision among the parties for enhancing corporate governance, operational focus, and long-term shareholder value.

To accommodate these changes, current Board members Charles (Chuck) Blixt, W.G. (Jerry) Jurgensen, Robert Niblock, and Maria Renna Sharpe will be stepping down. These transitions are expected to take place on or around July 11, 2025. Once complete, Lamb Weston’s Board will expand from 11 to 13 members, with 12 classified as independent directors.

In addition to these board appointments, Bradley Alford will assume the role of Chairman of the Board. Mr. Alford brings decades of leadership experience, including a long tenure with Nestlé USA, where he served as Chairman and CEO.

Leadership Perspectives

Commenting on his appointment, Mr. Alford stated, “I am honored to join Lamb Weston as Chairman of the Board. For 75 years, Lamb Weston has stood out as a leader in the frozen potato industry. The company’s legacy has been built on delivering high-quality products, unparalleled service, and a track record of consistent, industry-leading innovation. I look forward to working closely with the rest of the Board and the executive leadership team to strengthen our customer-focused approach, enhance operational execution, and unlock significant long-term shareholder value.”

Lamb Weston President and CEO Mike Smith echoed this sentiment, emphasizing the constructive nature of the discussions that led to the agreement. “We are pleased to have reached this agreement with JANA and Continental Grain. Our engagement with them, along with feedback from other shareholders, led us to conclude that this outcome is aligned with the best interests of the company and our investors,” Smith said. “The addition of six accomplished and highly qualified directors brings substantial industry insight, leadership experience, and complementary skillsets to our Board. These qualities will be instrumental as we work to fortify customer relationships and achieve our strategic goals.”

Smith also took the opportunity to express his gratitude to the outgoing directors, acknowledging their critical roles in shaping the company’s journey. “On behalf of the entire Board and management team, I want to thank Chuck, Jerry, Robert, and Maria for their dedicated service and exceptional contributions. Since our transition to a publicly traded company, their guidance has been instrumental to Lamb Weston’s success. We deeply appreciate their commitment and legacy.”

Stakeholder Support and Vision for the Future

The new appointments signal a united front among all parties involved, focusing on improving performance and driving shareholder value. Scott Ostfeld, Managing Partner and Portfolio Manager of JANA Partners, who is also joining the Board, expressed enthusiasm for the collaborative path forward. “We are pleased to have reached this collaborative outcome with the Company. I look forward to contributing to the Board’s efforts to enhance performance and build shareholder value,” Ostfeld said.

Ari D. Gendason, Chief Investment Officer of Continental Grain, highlighted the broader significance of the agreement. “While there remains substantial opportunity for growth and improvement, today’s announcement represents an important milestone in positioning Lamb Weston for sustainable, long-term value creation,” he stated. “We are pleased with this resolution and remain committed to working constructively with the company to support both near- and long-term performance enhancements.”

Agreement Terms and Governance Commitments

Under the terms of the cooperation agreement, both JANA Partners and Continental Grain have committed to supporting the full slate of directors proposed by the Board at Lamb Weston’s 2025 Annual Meeting of Stockholders. Furthermore, the agreement includes customary provisions for mutual cooperation and engagement between the investors and the company. These measures are designed to foster a productive working relationship and support the effective execution of Lamb Weston’s strategic initiatives.

The full text of the cooperation agreement will be made publicly available through a Current Report on Form 8-K, which Lamb Weston will file with the U.S. Securities and Exchange Commission (SEC).

Strategic Context and Market Outlook

This board refresh and broader governance update comes at a pivotal time for Lamb Weston, as the company seeks to navigate a dynamic and competitive food industry landscape. With evolving consumer preferences, supply chain challenges, and inflationary pressures shaping the industry, companies like Lamb Weston are increasingly focused on agility, innovation, and operational efficiency.

Lamb Weston’s commitment to long-term growth has been evident through strategic investments in manufacturing capacity, global expansion, and product innovation, particularly in value-added frozen potato products. The company serves a broad range of customers, from major fast-food chains to grocery retailers, and has recently expanded its presence in international markets.

The infusion of new leadership through this agreement reflects investor confidence in Lamb Weston’s potential for continued success and recognizes the importance of strong governance in driving sustainable value creation.

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