Dwyane Wade and CC Sabathia are among the names activist investor Jana is putting forward for nomination to Freshpet’s board.
pursuant to which the following six nominees have agreed to become members of a potential Jana director slate for election at Freshpet's 2023 annual meeting: Diane Dietz, an investor and advisor in the consumer and retail sector who served as president and CEO of Rodan & Fields, LLC, a premium skincare brand, and CMO of Safeway, Inc., a food and drug retailer; James Lillie, a private investor who previously served as CEO of Jarden Corporation, a consumer products company; Timothy R.
The first opportunity for value creation here is to moderate Freshpet's expansion plans and get the supply chain right. Without this, the company could end up using all of its cash and balance sheet capacity to fund its expansion. It has already done three equity offerings to fund its growth. These operational issues are fixable but that would require a reconstituted board and management team that is focused on efficiently growing the business.
Like in many of its past activist situations, Jana has teamed up with an all-star group of operators to assist in developing its thesis, consult with and, if need be, potentially be board nominees.
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