Undoubted investors aim to replace the entire Lifeway board

Lifeway Foods Edward and Ludila Smolysky investors are looking to replace the KEFIR maker panel in the latest Salvo in the long row on how to run the American company.

Together, Edward, brother of Lifeway, Jolly Smolianski, and their mother Ludmila, exercise control of voting in relation to about 23.2 % of the company’s distinguished shares.

In a statement issued yesterday (July 2), the mother duo and the son said that they submitted a “final approval statement” to the American Securities and Stock Exchange Committee (SEC), to replace the Lifeway Board, including CEO Jolie, with new candidates “focusing on restoring accountability, transparency and the value of shareholders in the long term.”

Edward and Lumella’s proposal determines four main steps: obtaining the approval of the shareholders, in contrast to the lofty changes made after March 24, 2023; Remove the current panel, including CEO; The election of seven new directors in governance, financing and consumer products; And update the regulations to prevent the employment of the direct family members of the president or the CEO.

The duo said that the proposals to remove the board of directors and elect the director are interconnected.

Just food Lifeway has called for comment.

Edward said: “It is clear to us that the current council has no intention to interact with us. We believe that this approval contact is the most direct and effective way to restore life to the people who already possess it.

The company’s conditions require a bold and unprecedented procedure.

Edward made a statement on June 2, in search of shareholders ’approval to elect themselves, Ludmila, and five others as managers.

He previously played roles as a financial manager, operations director, director, and observer in Lifeway, while Ludila is the co -founder and former president.

Edward went on to say that the council “has repeatedly ignored the shareholders’ observations, failed to express a reliable strategy, and was chosen to reward failure.”

The conflict was between Smolyanskys Since 2022.

In July last year, Edward and Ludmila Resignation applicant From Jolly and most of the directors, citing weak performance and mismanagement, and raised a preliminary statement to the approval of the cancellation of the Board of Directors, including Jolly, in August.

In September, Danone, which has more than 23 % of Lifeway, offered the remaining shares for $ 25 each, that is, 59 % premium at the average price of three months.

Lifeway unacceptable Danone’s offer on November 5, considers it less than its value.

The French dairy company, which has occupied a class in Lifeway since 1999, has increased its offer to $ 27 per share, with the support of Edward and Woodmilla, but Lifeway The council also refused.