Lamb Weston Appoints Six New Directors, Appeasing Unhappy Investors

Lamb Weston Holdings has struck a deal with unhappy investors Jana Partners Management and Continental Grain Co., with the french fry maker agreeing to add six new independent directors to its board, including former chairmen/CEOs from McCormick and Nestle USA.

Lamb Weston has agreed to appoint Bradley Alford to the board and to elect him chairman. He was chairman and CEO of Nestlé USA 2006-2013, has been on other boards of directors and was a partner at Advent International Corp., a global private equity firm.

Also replacing outgoing directors will be Ruth Kimmelshue, a former Cargill executive and senior advisor to Continental Grain; Timothy McLevish, a former chief financial officer at five public companies, including Kraft Foods Group; and Scott Ostfeld, a managing partner and portfolio manager at Jana Partners.

Plus the company is increasing the board by two, adding Lawrence Kurzius and Paul Maass, “who were mutually agreed upon by Lamb Weston, Jana and Continental Grain,” the announcement said.

Kurzius led McCormick & Co. for more than 20 years, most recently as executive chairman of the board and previously as chairman and CEO from 2017 and 2016, respectively, to 2023. Maass is a former president at ConAgra Foods (now Conagra Brands).

That makes 12 of the 13 directors independent, the lucky 13th being Mike Smith, Lamb Weston’s president/CEO since December. The changes will take place “no later than on or about July 11.”

Lamb Weston endured several quarters of declining sales, recording a net loss of $36 million in its 2025 second quarter (ended Nov. 24). Perhaps as the result of a restructuring plan, improvement began in the third quarter, when sales increased 4% and net income was flat at $146 million. The company’s full-year financials won’t be reported till July 23.

“We are pleased to have reached this agreement with Jana and Continental Grain,” said Smith. “Following our constructive engagement with them and taking into account perspectives gleaned from discussions with additional stockholders, we are confident this outcome is in the best interests of the company and all of our shareholders.”

“While substantial opportunity remains, today’s announcement marks an important step in positioning Lamb Weston for long-term value creation,” said Ari Gendason, chief investment officer of Continental Grain. “We are pleased to have reached this resolution and will continue to work constructively with Lamb Weston as it takes steps to enhance its near and long-term performance.”