believes shareholder-driven change is urgently needed in SpartanNash’s boardroom after years of financial underperformance and strategic missteps
argues that a properly renewed board can oversee the development of a clear and credible operating plan for increased value creation and objectively benchmark it against strategic alternatives
urges shareholders to vote on the BLUE Proxy card to elect Investor Group’s three highly qualified director nominees, who collectively possess deep industry experience and acumen for strategic planning
NEW YORK, April 19, 2022–(BUSINESS WIRE)–Macellum Advisors GP, LLC and Ancora Holdings Group, LLC (together with their affiliates, the “Investor Group” or “we”), which own approximately 4.5% of the outstanding common stock of SpartanNash Company (NYSE : SPTN) (“SpartanNash” or the “Company”), today announced that they have filed their definitive proxy statement with the United States Securities and Exchange Commission and sent a letter to shareholders of the Company. Investor Group has nominated three highly qualified and independent candidates for election to the SpartanNash Board of Directors (the “Board”). Investor Group’s letter to other shareholders can be viewed here.
Jonathan Duskin, Managing Partner of Macellum Capital Management, LLC, and Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group, LLC, released the statement below:
“Our strong analysis and engagement has led us to believe that SpartanNash management is tied to a flawed corporate structure and has failed to implement core operating initiatives while leaving $1 billion unused owned real estate on the balance sheet resulting in unwarranted long-term losses.We contend that the blame lies entirely with the SpartanNash Board of Directors and longtime members, who have presided over numerous strategic missteps , high management turnover and the absence of a clear and credible operational strategy.
In our view, SpartanNash is at a critical inflection point after years of operational and stock price underperformance, lagging revenue and sales growth, poor capital allocation decisions and a long history. failed acquisitions under the current board. We believe that many credible suitors are interested in acquiring SpartanNash. As the major grocery and food retail players embark on their own strategic review processes, SpartanNash should immediately explore all avenues of value creation before this consolidation cycle ends.
In light of these many concerns, we argue that shareholder-focused change is urgently needed on the board. We believe that a well-renewed board of directors, staffed with our highly qualified candidates, can oversee the development of a credible operating plan and compare it objectively against available strategic alternatives to determine the best path to creating shareholder value. Our slate – which includes Jonathan Duskin, John E. Fleming and Michael J. Lewis – has the right mix of corporate governance experience, financial savvy, grocery and food distribution expertise, know-how in strategic planning and essential ownership insights to ensure that the company finally has an effective and transparent plan to deliver added value. We look forward to giving shareholders the opportunity to vote for a better way forward for SpartanNash at this year’s annual meeting.”
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes may significantly increase in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance . Macellum’s investment team, advisors and network of industry experts draw on their extensive strategic, operational and board experience to help companies design and implement initiatives aimed at improving long-term shareholder value. Macellum prefers to engage constructively with management to improve its governance and performance for the benefit of all shareholders. However, when the leadership is entrenched, Macellum successfully staged proxy contests to effect meaningful change. Macellum has successfully run campaign contests to bring about meaningful change at numerous companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond, and Big Lots, Inc. To learn more, go on macellumcapitalmanagement.com.
Founded in 2003, Ancora Holdings Group, LLC provides integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
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