Activist Investor Jana Extends Push for Change at Lamb Weston

Shares of Lamb Weston Holdings (LW) rose Friday after activist investor Jana Companions added one other former firm govt to its lineup of board candidates because it seeks to shake up the frozen potato maker.

In a regulatory submitting, Jana confirmed that Jeffery DeLapp had 458 voting shares. DeLapp had been president of Lamb Weston, in addition to rival potato supplier McCain Meals USA. Former Lamb Weston Govt Chair Timothy McLevish had already aligned with Jana, which now has six food-industry executives who may problem for a place on the board. Jana took a more-than-5% stake within the firm in October. 

Shares of Lamb Weston have been just lately up about 4%. Even with at this time’s advance, Lamb Weston shares have misplaced greater than a 3rd of their worth this yr.

Jana final week blasted the corporate following the discharge of its second-quarter 2025 monetary outcomes, when Lamb Weston reported an surprising loss and lower its steering. The corporate cited softening demand for frozen potatoes, which it sees persevering with into 2026.

Lamb Weston additionally mentioned CEO Tom Werner would get replaced on Jan. 3 by COO Michael J. Smith. In an announcement, Jana known as the outcomes “disastrous,” and mentioned the choice to commerce its CEO “for one more long-standing Lamb Weston govt complicit in its widespread operational and strategic debacles is simply the newest stick within the eye from a Board that has fully failed shareholders.”

Saying “sufficient is sufficient,” it demanded a big board change and mentioned if that doesn’t happen, the corporate must be bought.