After involving their respective legal representatives, the parties reached an agreement.
Pet food manufacturer Freshpet and one of its majority shareholders, JANA Partners, have reached the end of their conflict through a new cooperation agreement.
The company has appointed Timothy McLevish and Joseph E. Scalzo to its board of directors with immediate effect.
Both new appointments come from managerial positions at large food-based companies. McLevish was formerly Chief Financial Officer of Kraft Foods, and Scalzo was previously CEO of Good Foods.
Commenting on the news, CEO of Freshpet Billy Cyr says he is pleased with the new agreement. “This agreement will help position us to continue delivering the results our shareholders expect.”
On behalf of JANA, Managing Partner Scott Ostfeld states, “We commend Freshpet for the significant improvements in the business, team and Board made over the past year.”
The news comes after JANA publicly declared its dissatisfaction with Freshpet’s performance, particularly directed at its board of directors. In March, JANA Partners wrote a legal letter explaining Freshpet was not fulfilling its basic duties to its shareholders.
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