Edward Smolyansky, who, along with Ludmila Smolyansky, beneficially owns 4,163,141 shares of common stock, launched a formal campaign on March 17, 2025, to replace the entire Board of Directors at Lifeway Foods, Inc. He submitted a Notice regarding Planned Nominees for the upcoming 2025 Annual Meeting.
Smolyansky cited serious governance concerns, including the Board's alleged deference to the CEO and a lawsuit brought by Danone claiming the directors breached fiduciary duties by granting 283,337 shares of stock to CEO Julie Smolyansky without Danone's consent. He also highlighted a $2 million cash retention bonus paid to the CEO.
The proposed slate of new independent directors includes George Sent, Edward Smolyansky, and Ludmila Smolyansky. This campaign aims to address what Smolyansky describes as the Board's failure to maximize shareholder value and its focus on enriching the CEO.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.