Lamb Weston Taps AB InBev Veteran as Executive Chair Amid Turnaround Push
In a significant leadership reshuffle, frozen potato giant Lamb Weston Holdings, Inc. has turned to the beverage industry for its latest strategic hire. The company announced the appointment of Jan Craps, a seasoned veteran with over two decades at brewing behemoth Anheuser-Busch InBev, to the newly created position of Executive Chairman, effective immediately.
Craps, who most recently served as Co-Chair of the Board and CEO of AB InBev's Asia Pacific zone, is tasked with steering the board and guiding long-term strategy. His mandate includes a sharp focus on mergers and acquisitions, governance, and bolstering the company's execution in international markets.
The move comes as Lamb Weston seeks to stabilize its financial performance after recent quarters of profit pressure, partly attributed to volatile restaurant traffic. The appointment signals a deeper strategic overhaul, closely following the promotion of Mike Smith to President and CEO in December 2024.
In a parallel move, the company named Jim Gray, a former finance executive at PepsiCo, as its new Chief Financial Officer, succeeding Bernadette Madarieta. Gray is set to assume his role in early April.
These executive changes occur against a backdrop of sustained pressure from activist investor Jana Partners. The firm, which acquired a stake in October 2024, has publicly criticized Lamb Weston's "self-inflicted mis-steps" and previously urged the board to explore a potential sale of the company. While the board changes made in June 2025 were seen as a concession to Jana, the latest appointments represent management's chosen path forward.
"The experience and vision Jan and Jim bring to Lamb Weston will be critically important as we execute our 'Focus to Win' strategy," stated CEO Mike Smith. The strategy, unveiled last July, aims to secure at least $250 million in savings to boost profits and cash flow.
Financially, the company is in a transitional phase. For the fiscal year ended May 2025, net income fell sharply by 51% to $357.2 million. While net sales have remained largely flat, the first half of the current fiscal year showed a modest 1% sales increase but an 8% decline in adjusted profits. The company reiterated its fiscal 2026 guidance, projecting net sales between $6.35 billion and $6.55 billion.
"I have a strong admiration for Lamb Weston as one of the premier foodservice companies in the world," said incoming Executive Chair Jan Craps. "I look forward to partnering with Mike to capitalize on the strong opportunity in front of us."
Outgoing Chairman Bradley Alford will transition to the role of Lead Independent Director.
Market Reaction & Analyst Commentary
The appointments have drawn mixed reactions from industry observers.
Eleanor Vance, Senior Analyst at Grocery Insight Group: "Bringing in Craps is a bold, non-traditional move. His extensive global CPG and M&A experience from AB InBev could be exactly what Lamb Weston needs to reignite growth and optimize its portfolio. This isn't just a governance change; it's a statement of strategic intent."
David Chen, Portfolio Manager at Clearwater Capital: "The CFO hire from PepsiCo makes perfect sense for operational finance. The Chairman hire is more intriguing. It suggests the board wants aggressive, transformative thinking. The key will be how his vision aligns with the operational turnaround already underway."
Marcus Thorne, Editor at 'The Activist Watch' Newsletter: "This is a blatant attempt to placate Jana Partners with a big-name hire without addressing the core structural issues. Craps has a beer background, not frozen food. Throwing an international M&A specialist at a company that needs to fix its basic North American execution feels like using a sledgehammer to crack a nut. Shareholders should be skeptical of this costly corporate theater."
Rebecca Shaw, Food Industry Consultant and former retail buyer: "The pressure from restaurants for consistent quality and cost-effectiveness is immense. Leadership stability and a clear strategy are paramount. If this new team can streamline operations and strengthen customer partnerships, as they claim, it will be a welcome change for the supply chain."