Edward Smolyansky Denounces Firing at Lifeway Foods (NASDAQ: LWAY), Urges Board to Return Equity to Employees

CHICAGO, April 8, 2025 /PRNewswire/ -- Edward Smolyansky, who, together with Ludmila Smolyansky, beneficially owns 4,163,141 shares of common stock (approximately 28% of outstanding shares), today issued a statement in response to the recent dismissal of Amy Feldman, Senior Executive Vice President of Sales at Lifeway Foods (NASDAQ: LWAY) and key architect of the company's renewed vision and revitalized strategy, known internally as "Lifeway 2.0."

Lifeway Foods abruptly eliminated Feldman's senior leadership position on February 28, 2025, despite Feldman being widely credited for developing Lifeway's modern sales and growth strategy. Feldman was one of only three officers of the company at the time of her termination. Her removal sends a chilling signal to employees and shareholders alike.

"Terminating Amy Feldman at this critical time is not just poor judgment — it's a direct blow to the teams she led and the vision she helped build," said Edward Smolyansky. "This is a textbook example of retaliation and consolidation of power under a leadership team that continues to disregard the talent and effort behind Lifeway's success."

The firing comes just weeks after the Board awarded CEO Julie Smolyansky a $2 million cash bonus and 283,337 shares of stock, with a grant date value of approximately $6.5 million¹, an award equaling over 94% of the company's 2024 net income. Those shares were issued without securing required consent from Danone North America, Lifeway's largest outside investor, and have become the subject of ongoing litigation.1

Now, in the wake of Feldman's removal, Edward and Ludmila are calling for immediate corrective action from the Board, including:

1. A transparent explanation of the rationale behind the decision to terminate Amy Feldman and whether the Board was consulted or aware of the decision in advance.
2. A full rescission of the recent share award to CEO Julie Smolyansky and the transfer of that equity to Lifeway's employees through a transparent, rank-and-file equity incentive plan.
3. An immediate end to the anti-shareholder, anti-employee culture that continues to erode the foundation that Lifeway was built upon.
4. An immediate release of Lifeway's preliminary Q1 2025 financial reports to provide transparency and restore investor confidence.

"We've now seen Lifeway remove the largest outside investor from the table, strip the company of its most effective sales leader, and reward insiders with millions — all while the company's revenue growth and morale continue to decline," said Edward Smolyansky. "This is not leadership. This is self-preservation masquerading as management."

Edward and Ludmila Smolyansky recently submitted a full slate of Board nominees for election at the 2025 Annual Meeting and continue to advocate for meaningful leadership change. Their preliminary proxy statement, filed with the Securities and Exchange Commission on March 28, 2025, outlines their case for new leadership, improved governance, and a renewed focus on long-term shareholder and employee value.

"For any Lifeway employee wondering what's next: we see you, we support you, and we will not stop fighting for a company culture that respects and rewards your contribution."

For more information about the 2025 Lifeway Foods Proxy Campaign, follow Edward Smolyansky on LinkedIn and visit FreeLifeway.com, which provides information about the nomination letter and associated SEC filings.

1Based on the December 19, 2024 closing price of $22.90 per share.

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SOURCE Edward and Ludmila Smolyansky