Starboard Urges Cost Cuts at McDonald’s Fry Supplier Lamb Weston

Starboard Value LP is urging Lamb Weston Holdings Inc. to accelerate its cost cutting efforts and conduct a strategic review of its operations in Asia.

The investment firm said the company, which is the primary supplier of French fries to McDonald’s Corp., should double its cost reductions plan to $500 million from the $250 million it’s targeted to achieve by fiscal year 2028, according to a letter sent to Chief Executive Officer Mike Smith on Sunday.