Freshpet Inc.'s stock rose 1.5% premarket on Monday after the company revealed an agreement with Jana Partners, one of its largest shareholders. As part of the deal, Freshpet will welcome two new directors to its board at the upcoming 2024 annual meeting.
Introducing the New Directors
The first addition to the board is Timothy McLevish, a seasoned professional with over 20 years of experience in the branded food and retail industry. McLevish has previously held CFO positions at companies like Carrier Corporation, Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., Ingersoll-Rand Corporation, and Mead Corporation.
The second director joining Freshpet is Joseph E. Scalzo. He brings with him his invaluable expertise as the former CEO of Simply Good Foods Company WhiteWave Foods Inc. Scalzo has also worked in various capacities at Dean Foods, the Gillette Co., and Coca-Cola Co.
Strong Support from Jana Partners
Jana Partners has demonstrated its commitment to Freshpet by agreeing to withdraw its director nominations and throw its support behind the company's new slate at the 2023 annual meeting.
Impressive Stock Performance
Freshpet's stock has experienced a remarkable growth of 50% year to date, showcasing its positive trajectory. In comparison, the S&P 500 has seen a gain of 13.8%.
Investors and pet owners alike can look forward to a promising future for Freshpet Inc. as it continues to innovate in the fresh food segment for dogs and cats.
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