09:24 AM EDT, 03/20/2024 (MT Newswires) -- Lifecore Biomedical ( LFCR ) said Wednesday it has decided to continue with its standalone strategic plan after evaluating various alternatives, including reviewing more than 75 potential buyers.

The company said investments in expanding its aseptic production capacity are expected to support Lifecore's growth as the board anticipates the company will shift to a "solid growth trajectory" in H2.

The company also said it has named Paul Josephs as its next president and chief executive effective May 20, succeeding Jim Hall, who will retire upon Josephs' appointment.

Katrina Houde is set to become the new chairperson of the eight-member board at the company's annual shareholders meeting, Lifecore said.

Shares of the company were down more than 20% in recent Wednesday premarket activity.

Price: 5.51, Change: -1.68, Percent Change: -23.37