Lifecore Biomedical, Inc. (LFCR) said its Board unanimously concluded that the best way to maximize value for stockholders at this time is to continue executing on the standalone strategic plan. The company said the conclusion was based on an expansive strategic review process, including outreach to and engagement with over 75 buyers.
Also, the company announced that it has appointed Paul Josephs as new President and Chief Executive Officer, effective May 20, 2024. This transition follows Jim Hall's announcement of his intent to retire as President and Chief Executive Officer. Since 2021, Josephs served as President & Chief Executive Officer and a member of the Board of Directors at Woodstock Sterile Solutions.
Also, Craig Barbarosh, the company's Board Chair, has informed the Board that he intends to not stand for reelection at the upcoming Annual Shareholders Meeting. The Board has named current independent director, Katrina Houde, as Chairperson, effective at the upcoming Annual Shareholders Meeting.
Shares of Lifecore Biomedical are down 23% in pre-market trade on Wednesday.
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