Activist Investor Jana Extends Push for Change at Lamb Weston

Core Insights - Jana Partners is advocating for significant changes at Lamb Weston, including a board overhaul or a potential sale of the company [1] - The activist investor has gained support from former executives, including Jeffery DeLapp, who holds 458 voting shares [1] - Lamb Weston has faced challenges, reporting an unexpected loss and cutting its guidance due to declining demand for frozen potatoes [1] Company Developments - Lamb Weston recently replaced its CEO, with COO Michael J. Smith set to take over on January 3 [1] - The company has seen its shares decline by more than a third this year, despite a recent 4% increase following Jana's actions [1] - Jana Partners holds over a 5% stake in Lamb Weston and has aligned with six food-industry executives to challenge the board [1] Financial Performance - Lamb Weston reported a loss in its second-quarter 2025 financial results, which prompted criticism from Jana Partners [1] - The company cited softening demand for frozen potatoes, which is expected to continue into 2026 [1] - Jana described the financial results as "disastrous" and criticized the board for failing to act in the best interests of shareholders [1]