(Reuters) – Lamb Weston named Michael Smith as CEO on Thursday following stress from activist investor Jana Companions to make adjustments to its management or promote itself.
Shares of the maker of frozen potato snacks fell 13% in premarket buying and selling because it additionally lowered its forecast for annual revenue and gross sales.
Smith, who at present serves as the corporate’s chief working officer, will succeed 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 known as on Lamb Weston to enhance its operations or contemplate promoting itself.
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