Lifecore Biomedical, Inc. (LFCR) has announced that its Board has unanimously decided that the optimal strategy to enhance stockholders' value currently is to follow its standalone strategic plan. This decision is a result of a thorough strategic review process, which included dialogue with over 75 interested buyers.
In executive news, Lifecore Biomedical has named Paul Josephs as the new President and Chief Executive Officer, beginning May 20, 2024. This move comes after Jim Hall expressed his plan to step down from his positions as President and Chief Executive Officer. Josephs has been serving as the President & CEO and a board member at Woodstock Sterile Solutions since 2021.
In addition, Craig Barbarosh, the Chair of Lifecore Biomedical's Board, has conveyed his decision not to seek reappointment in the forthcoming Annual Shareholders Meeting. As a result, the Board has chosen Katrina Houde, a current independent director, to take over Barbarosh's role following the Annual Shareholders Meeting.
Lifecore Biomedical's shares have seen a pre-market decrease by 23% on Wednesday.
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