Lamb Weston appoints COO Michael J. Smith as CEO; Werner steps down effective Jan 3, 2025

Lamb Weston Holdings, Inc.

Smith, currently COO, becomes President & CEO and Board member on Jan 3, 2025; succeeds Thomas P. Werner.
Smith's annual base salary: $1M, target bonus 150% of base, LTIP target $5.25M starting FY2026.
Werner will serve as Special Advisor through Aug 31, 2025, with base salary of $550K and prorated bonus.
Werner's outstanding equity awards will fully vest under Normal Retirement; non-compete extended to 18 months.
Transition and Separation Agreement signed Dec 23, 2024, includes release of claims and restrictive covenants.

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