09:13 AM EST, 12/19/2024 (MT Newswires) -- Lamb Weston Holdings' ( LW ) largest shareholder, JANA Partners on Thursday called for a "significant" board change or a sale of the company, following Lamb Weston's ( LW ) "disastrous" financial results and the appointment of a new chief executive officer.

JANA called the decision "the latest stick in the eye" from a board it claims has "completely failed shareholders".

Lamb Weston ( LW ) stock fell nearly 19% in recent premarket activity after reporting lower Q2 adjusted earnings and revenue, and missing market expectations. The company also lowered its fiscal 2025 outlook.

Separately, the company named Chief Operating Officer Michael J. Smith as president and CEO of the company, effective Jan. 3. Smith replaces Thomas P. Werner, who is stepping down, the company said.

Lamb Weston ( LW ) did not immediately respond to MT Newswires' request for comment.