Conceding to pressure from Jana, Lamb Weston (LW) replaced CEO Tom Werner with COO Michael Smith on the same day the company ...

CEO Tom Werner said higher-than-expected manufacturing costs and softer volumes accounted for the earnings shortfall. Sales declined 8% year-over-year to $131.2 million.

Lamb Weston is aggressively tightening its belt ... Still, there's tension behind the scenes. The CEO switch from Tom Werner to Mike Smith hasn't silenced activist investor Jana Partners (Trades ...