(Reuters) – Lamb Weston on Thursday named insider Michael Smith as its chief executive officer following pressure from activist investor Jana Partners to make changes to its top brass or sell itself.
Shares of the frozen potato snacks maker were down 13% in premarket trading as it also lowered its annual profit and sales forecasts.
Smith, who is currently the company’s chief operating officer, will take over from Thomas Werner on Jan. 3, the company said in a statement.
Activist investor Jana Partners revealed a roughly 5% stake in the company two months ago and has asked Lamb Weston to improve operations or consider selling itself.
