Lamb Weston Announces Appointment of Michael J. Smith as President and Chief Executive Officer
Lamb Weston Holdings (NYSE: LW) has announced that Michael J. Smith, current Chief Operating Officer, will become President and CEO effective January 3, 2025. Smith, who joined the company in 2007, will succeed Thomas P. Werner, who is stepping down but will serve in an advisory role through August 31, 2025.
Under Werner's leadership, Lamb Weston achieved significant growth, doubling both sales and EBITDA, and increasing stock price by more than 150%. Smith, who has served in various senior leadership roles during his 17-year tenure, brings extensive experience in driving growth across multiple areas of the company. His appointment represents the culmination of a years-long succession planning process by the Board.
Lamb Weston Holdings (NYSE: LW) ha annunciato che Michael J. Smith, attuale Chief Operating Officer, diventerà Presidente e CEO a partire dal 3 gennaio 2025. Smith, che è entrato nell'azienda nel 2007, succederà a Thomas P. Werner, che si dimetterà ma assumerà un ruolo di consulenza fino al 31 agosto 2025.
Sotto la guida di Werner, Lamb Weston ha raggiunto una significativa crescita, raddoppiando sia le vendite che l'EBITDA e aumentando il prezzo delle azioni di oltre il 150%. Smith, che ha ricoperto vari ruoli di leadership senior durante il suo mandato di 17 anni, porta un'esperienza approfondita nel guidare la crescita in diverse aree dell'azienda. La sua nomina rappresenta il culmine di un processo di pianificazione della successione durato anni da parte del Consiglio.
Lamb Weston Holdings (NYSE: LW) ha anunciado que Michael J. Smith, actual Director de Operaciones, se convertirá en Presidente y CEO a partir del 3 de enero de 2025. Smith, quien se unió a la empresa en 2007, sucederá a Thomas P. Werner, quien dejará su cargo pero servirá en un rol de asesoría hasta el 31 de agosto de 2025.
Bajo el liderazgo de Werner, Lamb Weston logró un crecimiento significativo, duplicando tanto las ventas como el EBITDA, y aumentando el precio de las acciones en más del 150%. Smith, quien ha ocupado varios puestos de liderazgo senior durante su mandato de 17 años, aporta una amplia experiencia en impulsar el crecimiento en múltiples áreas de la empresa. Su nombramiento representa la culminación de un proceso de planificación de sucesión que ha tomado años por parte de la Junta.
람 웨스턴 홀딩스 (NYSE: LW)는 마이클 J. 스미스 현 최고 운영 책임자가 2025년 1월 3일부터 사장 겸 CEO로 임명될 것이라고 발표했습니다. 2007년에 회사에 입사한 스미스는 자리에서 물러나는 토마스 P. 워너를 대신하게 되며, 워너는 2025년 8월 31일까지 자문 역할을 계속 수행할 것입니다.
워너의 리더십 아래, 람 웨스턴은 판매와 EBITDA를 두 배로 늘리고 주가를 150% 이상 상승시키며 중요한 성장을 이루었습니다. 17년 동안 여러 고위 리더십 역할을 수행해 온 스미스는 회사의 여러 영역에서 성장을 이끄는 데 풍부한 경험을 가지고 있습니다. 그의 임명은 이사회가 수년 동안 진행한 후계 계획 과정의 정점을 나타냅니다.
Lamb Weston Holdings (NYSE: LW) a annoncé que Michael J. Smith, actuellement Directeur des opérations, deviendra Président et CEO à partir du 3 janvier 2025. Smith, qui a rejoint l'entreprise en 2007, succédera à Thomas P. Werner, qui quittera ses fonctions mais continuera à occuper un rôle de conseiller jusqu'au 31 août 2025.
Sous la direction de Werner, Lamb Weston a connu une croissance significative, doublant à la fois les ventes et l'EBITDA, et augmentant le prix de l'action de plus de 150 %. Smith, qui a occupé divers postes de direction au cours de ses 17 années dans l'entreprise, apporte une vaste expérience pour stimuler la croissance dans plusieurs domaines de l'entreprise. Sa nomination représente l'aboutissement d'un processus de planification de succession qui a duré des années au sein du Conseil d'administration.
Lamb Weston Holdings (NYSE: LW) hat bekannt gegeben, dass Michael J. Smith, der derzeitige Chief Operating Officer, ab dem 3. Januar 2025 Präsident und CEO wird. Smith, der 2007 zum Unternehmen kam, wird Thomas P. Werner nachfolgen, der zurücktritt, aber bis zum 31. August 2025 in einer beratenden Funktion tätig sein wird.
Unter der Leitung von Werner erreichte Lamb Weston ein erhebliches Wachstum, verdoppelte sowohl den Umsatz als auch das EBITDA und steigerte den Aktienkurs um mehr als 150 %. Smith, der während seiner 17-jährigen Amtszeit in verschiedenen Führungspositionen tätig war, bringt umfassende Erfahrung in der Wachstumsförderung in mehreren Bereichen des Unternehmens mit. Seine Ernennung stellt den Höhepunkt eines jahrelangen Nachfolgeplanungsprozesses des Vorstands dar.
- Stock price increased by more than 150% under outgoing CEO Werner
- Company doubled both sales and EBITDA under current leadership
- Smooth leadership transition planned with 8-month advisory period
- New CEO brings 17 years of internal company experience
- None.
Lamb Weston Announces Appointment of Michael J. Smith as President and Chief Executive Officer (Photo: Business Wire)
Mr. Smith joined Lamb Weston in 2007 and has served in increasingly senior leadership roles during his 17-year career at the company. Throughout Mr. Smith’s tenure at Lamb Weston, 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.”
Mr. Smith said, “I am honored 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.”
Mr. Jurgensen continued, “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
Mr. 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.”
Second Quarter 2025 Results
In a separate release issued today, Lamb Weston reported its financial results for the second quarter of fiscal 2025. The webcast is scheduled to begin at 8:00 AM EST and can be accessed at investors.lambweston.com. A replay of the webcast will be available on the company's website.
About Michael J. Smith
Michael (Mike) Smith joined Lamb Weston in 2007. He currently serves as Lamb Weston’s Chief Operating Officer, a position he has held since May 2023. Previously, Mr. Smith was Lamb Weston’s Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation and Senior Vice President, Growth and Strategy, serving in roles where he led record sales and launched award-winning innovation.
He holds a bachelor’s degree in marketing from Brigham Young University and an MBA from the Cox School of Business at Southern Methodist University.
About Lamb Weston
Lamb Weston is a leading supplier of frozen potato products to restaurants and retailers around the world. For more than 70 years, Lamb Weston has led the industry in innovation, introducing inventive products that simplify back-of-house management for its customers and make things more delicious for their customers. From the fields where Lamb Weston potatoes are grown to proactive customer partnerships, Lamb Weston always strives for more and never settles. Because, when we look at a potato, we see possibilities. Learn more about us at lambweston.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Words such as “will,” “ensure,” “drive,” “deliver,” “build,” “believe,” “enable,” “enhance,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s CEO transition, business and financial outlook and prospects. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Readers of this press release should understand that these statements are not guarantees of performance or results. Many factors could affect these forward-looking statements and the Company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this press release. These risks and uncertainties include, among other things: consumer preferences, including restaurant traffic in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241219099424/en/
Investors:
Dexter Congbalay
224-306-1535
dexter.congbalay@lambweston.com
Media:
Erin Gardiner
208-202-7257
communication@lambweston.com
Source: Lamb Weston Holdings, Inc.
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