Activist Investor Jana Extends Push for Change at Lamb Weston

Shares of Lamb Weston Holdings (LW) rose Friday after activist investor Jana Partners added another former company executive to its lineup of board candidates as it seeks to shake up the frozen potato maker.

In a regulatory filing, Jana showed that Jeffery DeLapp had 458 voting shares. DeLapp had been president of Lamb Weston, as well as rival potato provider McCain Foods USA. Former Lamb Weston Executive Chair Timothy McLevish had already aligned with Jana, which now has six food-industry executives who could challenge for a position on the board. Jana took a more-than-5% stake in the company in October. 

Shares of Lamb Weston were recently up about 4%. Even with today’s advance, Lamb Weston shares have lost more than a third of their value this year.

Jana last week blasted the company following the release of its second-quarter 2025 financial results, when Lamb Weston reported an unexpected loss and cut its guidance. The company cited softening demand for frozen potatoes, which it sees continuing into 2026.

Lamb Weston also said CEO Tom Werner would be replaced on Jan. 3 by COO Michael J. Smith. In a statement, Jana called the results “disastrous,” and said the decision to trade its CEO “for another long-standing Lamb Weston executive complicit in its widespread operational and strategic debacles is just the latest stick in the eye from a Board that has completely failed shareholders.”

Saying “enough is enough,” it demanded a significant board change and said if that doesn’t occur, the company should be sold.