ConAgra Foods Inc. has agreed to add two members to its board of
directors as part of an agreement with Jana Partners LLC, which has
been pushing for change citing the company's ailing private-label
business.
Under the agreement with the New York hedge fund, which owns
about a 7.2% stake in ConAgra, Bradley A. Alford, the former chief
of Nestlé USA, and Timothy R. McLevish, former chief financial
officer of Walgreens Boots Alliance Inc., will join the board by
July 22. With their addition, ConAgra's board will increase to 14
members.
The announcement comes a day before an extended deadline for
nominations to the board brokered last month.
ConAgra had previously agreed to sell the private-label
business, less than three years after paying $5 billion for it.
ConAgra's shares, which set a 52-week-high trade on Tuesday at
$45.09, rose 0.88% in late trading to $45.05. Through Wednesday's
closing, the company's stock was up 23% for the year.
Write to Maria Armental at maria.armental@wsj.com
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