A shake-up at one of world’s biggest frozen French fry makers

A major supplier of frozen French fries to global chains like McDonald’s, KFC and Taco Bell, has named a new CEO after posting a surprise loss in the second quarter as consumers pull back on the money they spend on food outside the home. One of the company’s biggest investors said in a letter to the company this week that Lamb Weston needed new leadership citing what it saw as major mistakes, including a failure to see an erosion in demand as people cut back on dining out. “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,” Chairman W.G. “Today’s disastrous financial results and decision to swap 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,” wrote Jana, which said it owns more than 5% of the company’s outstanding shares. Major fast food chains have tried to improve foot traffic by offering value meals and Lamb Weston said that that has had a negative impact on the volume of frozen French fry sales.