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Lamb Weston announces appointment of Michael J. Smith as president and chief executive officer
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Thursday, 26 December, 2024, 08 : 00 AM [IST]
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Idaho, USA
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Lamb Weston Holdings Inc., announced the appointment of Michael J. Smith, current chief operating officer of Lamb Weston, as president and chief executive officer and as a member of the company’s board of directors, effective January 3, 2025. Smith succeeds Thomas P. Werner, who is stepping down as CEO and as a member of the board. Werner will serve in an advisory role through August 31, 2025, to ensure a smooth transition.
Smith joined the company in 2007 and has served in increasingly senior leadership roles during his 17-year career at the company. Throughout Smith’s tenure, he has been a key leader, driving strong growth across multiple areas of the company.
W.G. Jurgensen, chairman of the board of Lamb Weston, said, “We are pleased to have Mike Smith lead Lamb Weston through the next phase of the company’s growth. Mike’s appointment represents the culmination of a thoughtful, years-long succession planning process by our Board, and we are confident he is the right leader to guide Lamb Weston forward. Mike has developed a deep understanding of all critical aspects of our business and commercial operations. He will also bring a fresh perspective to the role along with a blend of strategic thinking and a laser focus on capturing current market and operational opportunities, as well as a deep appreciation for our employees, customers and partners. Together with the strong team we have at Lamb Weston, the Board is confident that the company is well-positioned to drive profitability and deliver value for our shareholders over the long-term.”
Smith said, “I am honoured to be appointed CEO and look forward to continuing to work alongside our talented team here at Lamb Weston. Together, we will work to deliver profitable growth and build on Lamb Weston’s position as a global leader in frozen potato products. I am excited about the opportunities ahead for our company and believe that our unwavering focus on customer satisfaction, operational excellence and continued innovation will enable us to enhance value for our shareholders. Importantly, I also want to extend my gratitude to Tom for his commitment, leadership and passion for Lamb Weston and its employees.”
Jurgensen added, “On behalf of the entire Board, I want to thank Tom for the vision and leadership he has brought to Lamb Weston. Tom has been instrumental in building Lamb Weston into a successful independent public company following the spin-off from Conagra, with a focus on execution, expanding our global footprint, and championing culture, brand-building and innovation. Under his leadership, the company achieved multiple successful new product launches, raised the bar on talent development, doubled in both sales and EBITDA, and increased the stock price more than 150%. He will be leaving Lamb Weston stronger than when he arrived, and we wish him all the best in his future endeavors.”
Werner said, “It has been a privilege to lead Lamb Weston. I am proud of what we have accomplished, and I want to express my thanks to the many team members who, through their hard work and commitment to the company, have made our success possible. Given all that we achieved together, and the journey yet ahead, the Board and I agreed it is the right time to enact our succession plans and allow a new leader to guide the company. I have worked closely with Mike and witnessed first-hand his values-based leadership style and steadfast focus on people as well as his thorough, enterprise-wide understanding of the business. I am confident that the Lamb Weston team is well-positioned for the future under his leadership.”
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