(Reuters) – Lamb Weston on Thursday named insider Michael Smith as its chief govt officer following strain from activist investor Jana Companions to make modifications to its high brass or promote itself.
Shares of the frozen potato snacks maker had been down 13% in premarket buying and selling because it additionally lowered its annual revenue and gross sales forecasts.
Smith, who’s presently the corporate’s chief working officer, will take over from Thomas Werner on Jan. 3, the corporate stated in an announcement.
Activist investor Jana Companions revealed a roughly 5% stake within the firm two months in the past and has requested Lamb Weston to enhance operations or contemplate promoting itself.
