Landec Nominates Three New Members to its Board of Directors, Providing Deep Expertise to Both Business Segments

SANTA MARIA, Calif., Aug. 24, 2020 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a diversified health and wellness Company with two operating businesses, Curation Foods, Inc. (“Curation Foods”) and Lifecore Biomedical, Inc. (“Lifecore”), announced today the nomination of three new members to serve on its Board of Directors (“Board”) for consideration at the Company’s 2020 Annual Meeting of Stockholders (the “Annual Meeting”).

The new nominees to the Board include Jeffery L. Edwards, Patrick D. Walsh and Joshua E. Schechter, each of whom the Board of Directors believes will greatly contribute to the diversity and expertise of the Board. In connection with these nominations, Frederick Frank, who has served as a member of the Board since 1999, has decided not to stand for re-election to the Board at the Annual Meeting. As a result, if the new nominees are elected, the Board would be comprised of 12 members, eight of whom will have joined the Board in the last 14 months.

”As our nominations make clear, we are focused on accelerating growth at Lifecore, adding new directors who enrich the business with robust life sciences expertise. They bring a new and complementary depth of knowledge and proven track records of success that we believe will be of great value to Landec as we drive sustainable, profitable growth across our diverse business segments,” said Board Chair Andrew Powell. “The Board of Directors recognizes and appreciates Fred's more than 20 years of service to Landec,” Mr. Powell continued. “Fred’s expertise and industry experience have been invaluable to Landec, and it has been an honor and a pleasure to serve with him.”

Subject to the requisite stockholder approvals at the Annual Meeting, the Board will be comprised of the following members by primary areas of expertise: 

Life Science Expertise

• Andrew Powell, Retired Executive Vice President and General Counsel, Medivation, LLC
• Catherine A. Sohn, Pharm.D., Retired Senior Vice President, GlaxoSmithKline plc
• Jeffery L. Edwards, Retired CFO, Allergan
• Patrick D. Walsh, Former CEO, TriPharm Services

Consumer Packaged Goods Expertise

• Albert Bolles, Ph.D., President and CEO, Landec Corporation
• Deborah Carosella, Retired CEO, Madhava Natural Sweeteners
• Katrina L. Houde, Retired CEO, SunOpta, Inc

Financial, Strategic and Governance Expertise

• Nelson Obus, Managing Member, Wynnefield Capital Management, LLC
• Craig Barbarosh, Director and Partner, Katten Muchin Rosenman LLP
• Charles Macaluso, Principal, Dorchester Capital Advisors, LLC
• Tonia Pankopf, Managing Partner, Pareto Advisors, LLC
• Joshua E. Schechter, Former Co-President, Steel Partners Japan Asset Management

“This year has been transformational for Landec, and while our diverse business segments operate at different stages of growth, we continue to create shareholder value by supporting and accelerating growth at Lifecore and transforming Curation Foods for profitable growth,” said Landec’s President and CEO Dr. Albert Bolles. “Putting the right people in the right positions has been an important guiding principle of this work. Today’s announcement continues the refreshment of our Board and management team, which has been ongoing for over a year. We believe these changes will further rebalance our management to better serve the differentiated needs of Lifecore and Curation Foods, enhance the distinct value of each business and position the company overall for success.”