JM Smucker has appointed two new directors to the board of the US food-and-beverage group after a deal with activist investor Elliott Investment Management.
Shares in the Uncrustables and Folgers owner jumped in early trading today (26 February) after its agreement with Elliott was announced.
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David Singer, a former CEO of snacks group Snyder’s-Lance, and NRG Energy CFO Woo-Sung Chung (who is also known as Bruce), will join the JM Smucker board.
The announcement came alongside a set of third-quarter results for JM Smucker that included higher sales but a loss amid impairment charges on its sweet-snacks business.
The performance of the company’s sweet-snacks division has been the focus of attention in recent quarters amid falling sales. JM Smucker also booked impairment charges on the unit twice in 2025.
In a statement, JM Smucker, which is home to the Hostess cakes brand, said the appointment of the new directors follow “constructive engagement” with Elliott Investment Management.
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By GlobalDataThe company has also entered into an “information-sharing agreement” with the investor “to facilitate collaboration toward the shared goal of driving sustainable value for all shareholders”.
“Over the past several years, we have fundamentally transformed the company and built a portfolio of leading and iconic brands in attractive categories that resonate with consumers. Today, we have a strong foundation in place and a clear focus on driving continued organic growth, while enhancing profitability and earnings,” JM Smucker CEO, president and chair Mark Smucker said.
“We welcome and value feedback from all shareholders and appreciate the constructive dialogue with Elliott. We remain confident in our strategy and in our ability to drive shareholder value over the long-term.”
Elliott Investment Management, which has recently been in dialogue over changes in strategy at PepsiCo, was described in today’s statements as a shareholder in JM Smucker. No further detail was given.
Marc Steinberg, a partner at the investor, said: “The JM Smucker Company has a strong portfolio of market-leading brands in categories that benefit from durable consumer demand.
“As one of The JM Smucker Company’s largest investors, we believe the new additions to the board and decisive shift toward disciplined capital allocation, operational improvement, and purposeful leadership updates represent critical steps toward ensuring The JM Smucker Company reaches its full potential.”
Steinberg added: “Dave and Bruce bring to the board proven leadership in consumer brand-building and financial stewardship that will further strengthen The JM Smucker Company as it executes on this path.”
Shares in JM Smucker rose almost 7% in pre-market trading.
