06:31 AM EST, 12/19/2024 (MT Newswires) -- Lamb Weston Holdings ( LW ) said Thursday it has named Chief Operating Officer Michael J. Smith as president and chief executive of the company, starting Jan. 3.

Smith joined the company in 2007 and will succeed Thomas P. Werner, who is stepping down as CEO and will serve in an advisory role through Aug. 31 for a smooth transition, Lamb Weston ( LW ) added.

Shares of the company fell 19% in recent Thursday premarket activity.