11:49 AM EDT, 07/22/2024 (MT Newswires) -- Lifeway Foods' ( LWAY ) shareholders Ludmila and Edward Smolyansky said Monday that they have demanded resignation from Chief Executive Julie Smolyansky and certain other directors of the company.

The shareholders, with a combined stake of about 29% in Lifeway, said the resignations are necessary to avoid further underperformance and mismanagement of the company's assets.

The shareholders have also asked for the immediate termination of Smolyansky's Chief of Staff Jason Burdeen.

"In light of the board's failures, we believe that even significant changes are needed, and are calling for the resignations of each of the board's directors, other than Juan Carlos Dalto, who we believe is the only qualified independent director," Edward Smolyansky added.

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