TreeHouse names new director to board
TreeHouse Foods, a manufacturer of private label food and beverage items, has announced a new member to its board of directors.
Scott Ostfeld, partner of JANA Partners LLC and co-portfolio manager of its engaged investing strategy JANA Strategic Investments, will join the board. The move comes after Treehouse Foods decided it would not sell after months of “exploring strategic alternatives.”
"The TreeHouse board and JANA share a common appreciation regarding the opportunity for TreeHouse Foods, and we are united behind the shared goal of enhancing value for our stockholders and other stakeholders," said Ann M. Sardini, chair of the board. "As a shareholder, Scott understands our company and our industry well. His appointment to the board follows continued, constructive engagement with JANA and reflects our commitment to pursuing the best path towards maximum value creation.”
Ostfeld was previously a member of the board of directors of Conagra Brands, HD Supply Holdings and Team Health Holdings. He has more than 17 years of experience investing in companies and driving shareholder value.
Ostfeld will join the board as a Class III director, with a term expiring at the TreeHouse Foods 2023 annual meeting of stockholders. Following his appointment, the TreeHouse Foods board will be composed of eleven directors.
"TreeHouse Foods is an incredibly attractive company well-positioned to benefit from favorable secular tailwinds and with multiple avenues to unlock and drive shareholder value,” said Ostfeld. “I am appreciative of the board's continued engagement, and I am excited to work alongside Steve and all of the other TreeHouse Foods directors to enhance value for all stockholders."
Treehouse Foods operates in 29 product categories across two divisions and has approximately 40 production facilities across North America and Italy.