Lamb Weston Holdings, Inc. announced the appointment of Michael J. Smith as President and Chief Executive Officer, effective January 3, 2025. Mr. Smith, currently the Chief Operating Officer, succeeds Thomas P. Werner, who will step down from his role but continue as a special advisor through August 31, 2025. Mr. Smith's extensive background includes leadership positions within Lamb Weston and Conagra Brands, Inc.

As CEO, Mr. Smith will receive an annual base salary of $1,000,000, a target bonus opportunity of 150% of his salary, and a target long-term incentive compensation of $5,250,000 starting with fiscal year 2026. His fiscal 2025 bonus will be prorated to reflect his time as COO and CEO. Compensation is tied to Lamb Weston's performance metrics under its incentive plans.

Mr. Werner's advisory role includes a base salary of $550,000, prorated bonus eligibility for fiscal 2025, and continued benefits during the advisory period. He will retain his outstanding stock awards subject to restrictive covenants, with performance share awards contingent on the company’s performance at the end of their respective cycles.