CHICAGO, Aug. 13,
2024 /PRNewswire/ -- Son and mother Edward and Ludmila Smolyansky, significant
shareholders of Lifeway Foods, Inc. (NASDAQ: LWAY), today announced
the filing of a consent statement with the U.S. Securities and
Exchange Commission, marking the launch of their "Life Back to
Lifeway" campaign.
The campaign seeks to replace the health food company's current
Board of Directors, including CEO Julie
Smolyansky, with leadership committed to revitalizing the
company with a strategic vision aligned with the best interests of
its shareholders. The Lifeway board has overseen significant and
repeated failures of corporate governance that have harmed the
business and its employees and driven poor financial results for
shareholders.
"Under my sister Julie's authority, Lifeway has been on
autopilot for far too long, missing critical market opportunities
due to a lack of strategic vision," said Edward Smolyansky, former COO of Lifeway Foods.
"It's time for a fresh approach to leadership that prioritizes
growth and innovation over personal agendas."
Ludmila Smolyansky, co-founder
and former Chairperson of Lifeway Foods, added, "This decision
hasn't been easy, but my focus is on what's best for Lifeway. The
company, started by my husband and me in 1986, needs a fresh
direction that honors its legacy while securing its future. A new
path forward will benefit everyone — our employees, our
shareholders, and even my daughter Julie."
Lifeway Foods Inc. was founded by Michael Smolyansky in 1986 and run with support
from his wife Ludmila. When Michael passed away in 2002, his
children Julie and Edward took over leadership, with Julie as CEO
and Edward Smolyansky as COO.
The Life Back to Lifeway campaign underscores the Smolyanskys'
commitment to revitalizing the company with a clear vision and
strategic plan that prioritizes greater marketing investments,
improved ethical governance, and more efficient operations and
processing techniques.
For more information and updates, visit
lifebacktolifeway.com.
View original
content:https://www.prnewswire.com/news-releases/edward-and-ludmila-smolyansky-file-consent-statement-to-change-leadership-at-lifeway-foods-nasdaq-lway-302221114.html
SOURCE Edward and Ludmila
Smolyansky