Lifeway Foods, the Illinois-based supplier of kefir and fermented probiotic products, has entered into an agreement with key shareholders Edward and Ludmila Smolyansky. The two have agreed to withdraw their director nominations ahead of the company’s upcoming annual meeting, and will also vote their shares in favour of Lifeway’s nominees. Ludmila Smolyansky will remain member of the board.
The full agreement will be filed with the US Securities and Exchange Commission.
A company spokesperson told DairyReporter: “Julie and our leadership team are grateful to have the support of our board of directors and major stakeholders, and we’re ready to move forward now that we’ve come to an agreement regarding board and executive positions.
“Our leadership and board are focused on the mission to bring Lifeway to more retailers and consumers who are looking for healthy and delicious products. As always, Lifeway will continue to explore and evaluate opportunities to increase shareholder value and grow the company.”
Lifeway’s annual meeting is set to take place on 31 August. Nominated for election are Juan Carlos Dalto, Jodi Levy, Dorri McWhorter, Perfecto Sanchez, Jason Scher, Pol Sikar, Julie Smolyansky, and Ludmila Smolyansky.
"Lifeway has been a pioneering force in the natural foods world for more than 35 years; we are proud of our history and excited for our future," said Julie Smolyansky, president and CEO of Lifeway. "I'm energized by the new members that we plan to welcome to the Board. They are an incredible group of individuals whose skill sets and purpose-driven principles sync up perfectly with the Lifeway mission. We have an amazing team, and we're poised to deliver value to our shareholders, great products to our customers and exceptional company culture to our employees."