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Freshpet in deal with shareholder Jana Partners, will add two directors to its board

Freshpet Inc.'s stock (FRPT) rose 1.5% premarket Monday, after the maker of fresh food for dogs and cats said it's reached an agreement with Jana Partners, one of its largest shareholders. Under the terms of the deal, the company will add two directors to its board at its 2024 annual meeting. Timothy McLevish has more than 20 years of experience in branded food and retail, and has served as CFO at Carrier Corporation, Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., Ingersoll-Rand Corporation and Mead Corporation. Joseph E. Scalzo comes to the company from his role as CEO of Simply Good Foods Company WhiteWave Foods Inc. and has done stints at Dean Foods, the Gillette Co. and Coca-Cola Co. Jana has agreed to withdraw its director nominations and will support the company's new slate at the 2023 annual meeting, it said in a statement. Freshpet's stock has gained 50% in the year to date, while the S&P 500 has gained 13.8%.

-Ciara Linnane

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08-21-23 0813ET

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