A shake-up at one of world's biggest frozen French fry makers
Lamb Weston, 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
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.
But struggles at the Lamb Weston, which produces the equivalent of 80 million servings of fries every day worldwide, have been no secret on Wall Street and its shares have tumbled more than 40% this year.
In October the Idaho company announced job cuts and said it would close a plant and cut production as demand sagged. Lamb Weston has more than 10,000 employees worldwide.
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.
