Edward and Ludmila Smolyansky, long-term shareholders exercising voting control over approximately 23.2% of Lifeway Foods' outstanding shares, announced on July 2, 2025, the filing of a definitive consent statement with the SEC. This initiates a process to remove Lifeway's current board of directors and elect a new slate of seven nominees.
The proposals include repealing any bylaw amendments adopted after March 24, 2023, removing all current directors, including CEO and Chair Julie Smolyansky, and electing a new board with deep experience in governance, finance, operations, and consumer products. They also seek to amend Lifeway's by-laws to prohibit the employment of any immediate family member of its President or Chief Executive Officer.
The Smolyanskys stated their belief that the current board has disregarded shareholder feedback, failed to articulate a credible strategy, and chosen to reward failure. They assert this consent solicitation is the most direct way to restore accountability, transparency, and long-term shareholder value.
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