10:48 AM EDT, 07/18/2024 (MT Newswires) -- Lifeway Foods' ( LWAY ) shareholders Ludmila and Edward Smolyansky on Thursday issued a statement calling for the resignation of the company's board and chief executive Julie Smolyansky.

Ludmila and Edward Smolyansky said they own about 29% of Lifeway.

The two shareholders said they are seeking a new independent board for the company with up to 8 members, including past director and co-founder Ludmila Smolyansky.

They are also calling for an "anti-nepotism policy" to be added to the company's bylaws and for an "operational and strategic review" of the business.

"Lifeway suffers from a pattern of retrenching and silence when faced with criticism, and mediocre results, often doubling down on past failures," said Edward Smolyansky. "Lifeway's narcissistically driven inability to self-reflect makes it impossible for the brand to achieve its full potential and value in the short and long term."

Lifeway didn't immediately respond to a request for comment by MT Newswires.

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