TreeHouse Foods has named another director to its board with a connection to Jana Partners, one of its biggest individual stockholders.
Scott Ostfield, a partner at Jana and a former board member at Conagra Brands, was named to the board in a move announced April 12. His term will expire at TreeHouse’s annual shareholder meeting next year.
Jana owns about 9.2% of TreeHouse’s outstanding stock. Ostfield will be the third member of TreeHouse’s board with connections to Jana. Last year, TreeHouse named two new directors as part of an agreement with Jana, which had been pushing the company to explore a sale. The company said last month it won’t pursue a sale of the entire company but will consider strategic divestments.
"TreeHouse Foods is an incredibly attractive company well-positioned to benefit from favorable secular tailwinds and with multiple avenues to unlock and drive shareholder value,” Ostfield said in a statement. “I am appreciative of the Board's continued engagement, and I am excited to work alongside [CEO] Steve [Oakland] and all of the other TreeHouse Foods directors to enhance value for all stockholders."
