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JM Smucker adds 2 board members in deal with activist investor
J.M. Smucker is appointing two independent directors, Woo-Sung (Bruce) Chung and David Singer, to its board as part of an agreement with activist investor Elliott Investment Management. This move follows “constructive engagement” with Elliott and comes as Smucker navigates challenges, including higher coffee prices and issues with its Hostess Brands acquisition. The company recently reported a 7% increase in net sales for its third quarter, driven by its coffee business, despite struggles in its sweet baked snacks segment.