Lamb Weston Taps Global Titans to Drive Growth and Overhaul Strategy

EAGLE, Idaho – February 04, 2026 – Lamb Weston Holdings, Inc. (NYSE: LW) today announced a significant overhaul of its top leadership, appointing two seasoned executives from the global consumer goods sector in a strategic move to accelerate growth and enhance shareholder value. Jan Craps, a long-time executive at Anheuser-Busch InBev, will join as the company's first Executive Chair, while James D. Gray, formerly of Ingredion and PepsiCo, will take the helm as Chief Financial Officer.

The appointments come as the frozen potato giant seeks to intensify its 'Focus to Win' strategy and follow a period of pressure from activist investor JANA Partners, which had been advocating for significant board and leadership changes. The move signals a clear intent from the board to inject new perspectives into its long-term strategy, with a sharp focus on international expansion, operational discipline, and M&A.

A New Era of Global Ambition

The most prominent change is the appointment of Jan Craps to the newly created role of Executive Chair, effective February 6, 2026. Craps brings over two decades of experience from AB InBev, where he most recently served as CEO of its APAC division and Co-Chair of Budweiser Brewing Company APAC. His career has been defined by successfully navigating complex and emerging markets across Asia, Australia, and Europe, managing large-scale integrations, and growing multi-billion dollar consumer brands.

Craps's extensive background in international markets and strategic mergers and acquisitions is seen as a direct answer to Lamb Weston's need to expand its global footprint. The global frozen potato market, valued at over $52 billion in 2025, is projected to grow to nearly $98.5 billion by 2033, driven largely by the expansion of Quick Service Restaurants (QSRs) in developing economies. While Lamb Weston holds a formidable 18.96% revenue share, it faces stiff competition from rivals like McCain Foods (21.61%). Craps’s expertise is expected to be pivotal in identifying and capitalizing on new growth opportunities abroad.

“I have a strong admiration for Lamb Weston as one of the premier foodservice companies in the world,” said Jan Craps in the company's official statement. “I look forward to partnering with Mike to capitalize on the strong opportunity in front of us to drive shareholder returns in this attractive, growing category.”

Reinforcing Governance and Financial Discipline

The leadership shuffle also reconfigures the company's governance structure. With Craps assuming the Executive Chair role, current Chairman Bradley Alford will transition to Lead Independent Director. This separation of the Chair and CEO roles, with an independent director in a lead position, is often championed by corporate governance advocates as a best practice for ensuring robust board oversight and accountability—a key point of emphasis for activist investors.

Complementing the strategic leadership of Craps is the appointment of James D. Gray as CFO, effective April 2, 2026. Gray joins from Ingredion, where he spent 12 years as EVP and CFO. His resume also includes over a decade in finance leadership at PepsiCo, providing him with deep experience in managing the financials of large, complex global corporations. He will succeed Bernadette Madarieta, who will remain in an advisory capacity to ensure a smooth transition.

Gray’s appointment is viewed as a move to instill even greater financial discipline as the company executes its 'Focus to Win' strategy, which includes a target of at least $250 million in savings. For fiscal year 2026 alone, the company is aiming for $100 million in cost savings to bolster profits and cash flow amid challenges like commodity price volatility.

Aligning Leadership with Shareholder Value

To ensure the new leadership's interests are tightly aligned with those of shareholders, Lamb Weston’s board has approved significant supplemental incentive awards. These packages are heavily weighted toward performance and long-term stock appreciation. For executive officers, the awards consist of 75% stock options and 25% restricted stock units (RSUs). Critically, the stock options have exercise prices set “significantly higher than the current fair market value” of Lamb Weston stock, meaning the new leaders will only realize substantial gains if they deliver considerable shareholder returns.

Craps’s three-year compensation is particularly noteworthy, being heavily equity-based with “deeply out-of-the-money” stock options and a personal share purchase requirement. Gray will receive a $1.6 million RSU sign-on award and a dollar-for-dollar company match on up to $1 million of his own personal investment in Lamb Weston stock, further tying his personal wealth to the company's performance. These awards will be facilitated by a new 2026 Inducement Stock Plan, which reserves 2 million shares specifically for attracting external talent.

“The experience and vision Jan and Jim bring to Lamb Weston will be critically important as we execute our Focus to Win strategy,” said Mike Smith, President and CEO. He noted the new leaders would be instrumental as the company prioritizes markets, strengthens customer partnerships, and strives for executional excellence.

Amid these sweeping changes, the company sought to reassure investors by reiterating its fiscal year 2026 guidance, which projects net sales between $6.35 billion and $6.55 billion. The combination of new strategic leadership, a renewed focus on financial rigor, and a structure that directly rewards shareholder value creation marks a pivotal moment for the Idaho-based company as it positions itself to dominate the next decade of the global food industry.