TreeHouse Foods appoints two new directors after deal with Jana Partners

(Reuters) – TreeHouse Foods Inc said on Tuesday it has appointed two new independent directors to its board after hedge fund Jana Partners pushed the packaged food company earlier in February to explore options, including a sale.

Jana, which has a 7.4% stake in TreeHouse, said last month the company’s stock was undervalued even after nearly three years into a turnaround.

TreeHouse said on Tuesday it shares a “common perspective” with Jana that its current stock price does not reflect the progress it has made.

John Gainor, former chief executive officer of fast food chain International Dairy Queen, and Kenneth Tuchman, former vice chairman of the investment and corporate banking divisions of BMO Capital Markets, have joined TreeHouse’s board effective March 2, the company said.

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