Jana Partners said that the decision to replace the CEO with another long-standing executive is a “stick in the eye” for shareholders.

Lamb Weston has appointed Michael J. Smith, current chief operating officer of Lamb Weston, as president and CEO and as a member of the company’s

EAGLE, IDAHO — Michael Smith has been named president and chief executive officer of Lamb Weston Holdings, Inc., effective January 3. Thomas Werner is stepping down as Lamb Weston’s CEO and as a member of the company’s board but will serve as an advisor to the company through Aug. 31.

Lamb Weston (LW) is out of the frying pan and into the deep frier as shares of the frozen food company tank by over 20% in Thursday's session. The french fry maker missed fiscal second quarter earnings estimates while it cut its full-year 2025 guidance and replaced CEO Thomas Werner with its COO Michael Smith.

Just days after an activist investor urged leadership changes at Eagle-based Lamb Weston, the company’s CEO of more than eight years is out. The potato products company appointed Michael J. Smith, the company’s current Chief Operating Officer to the CEO job starting on January 3.

Lamb Weston (LW) replaced its chief executive and slashed guidance again as demand for frozen potato products sputters, sending its shares tumbling. The French-fry maker said Thursday that Thomas Werner has stepped down as CEO and left the board.

Lamb Weston trimmed its annual forecasts and replaced its CEO with insider Michael Smith on Thursday, following pressure from activist investor Jana Partners to revamp its top management or sell itself.

Lamb Weston Holdings said it was replacing its chief executive and slashing guidance again as demand for frozen potato products sputters, sending shares sharply lower.