Starboard Value LP has written to Lamb Weston Holdings, urging the Idaho‑based potato‑product maker to stage an investor day. The letter, reviewed by Bloomberg, argues the firm must reset its narrative after a steep slide in shares. Starboard believes a dedicated forum can rebuild confidence among shareholders.

Lamb Weston’s market value sits at $5.9 billion after an 18.5% drop over the past year. Starboard’s CEO Jeff Smith outlined a target of a 25% EBITDA margin by fiscal 2029. The activist also calls for a review of strategic units to sharpen the portfolio and unlock value for investors.

Starboard met with Lamb Weston’s CEO Mike Smith, CFO, and executive chairman, seeking a clear path to durable earnings. The activist’s push comes after the firm’s last analyst day in 2023 and following pressure from Jana Partners, whose managing partner Scott Ostfeld now sits on the board after a settlement.

With Starboard now holding a stake since March, the activist also targets other companies like Flowserve and Dynatrace. Lamb Weston’s shareholders face a choice: hold the line or accelerate governance reforms. The upcoming investor day could signal a strategic reset and potentially lift the stock from its current depressed valuation.