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July 1, 2025

Lamb Weston

Lamb Weston Holdings announced that it has entered into a cooperation agreement with JANA Partners Management and Continental Grain Company. As part of the agreement, Lamb Weston has agreed to appoint Bradley Alford, Ruth Kimmelshue, Timothy McLevish and Scott Ostfeld to its board of directors. In addition, Lawrence Kurzius and Paul Maass, who were mutually agreed upon by Lamb Weston, JANA and Continental Grain, will also join the board. Charles (Chuck) Blixt, W.G. (Jerry) Jurgensen, Robert Niblock and Maria Renna Sharpe will be stepping down from the board. As a result of these changes, which will take place no later than on or about July 11, 2025, the board will increase from 11 to 13 directors, 12 of whom will be independent. Also, as part of the agreement, Alford will be appointed as the new chairman of the board. Pursuant to the agreement, JANA and Continental Grain have agreed to support the board's slate of directors at the company's 2025 annual meeting. JANA and Continental Grain have also agreed to certain customary cooperation provisions. The full Agreement with JANA and Continental Grain will be filed on Form 8-K with the U.S. Securities and Exchange Commission. Lamb Weston, headquartered in Eagle, Idaho, supplies frozen potato products to restaurants and retailers around the world.




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