SECAUCUS, NJ. — Following a recent proxy battle over recent changes to Freshpet, Inc.’s board of directors, the fresh pet food company has come to a cooperative agreement with activist investor JANA Partners, which represents one of Freshpet’s principal shareholders.

As part of the mutual agreement, Timothy McLevish, former chief financial officer of Kraft Foods, and Joseph E. Scalzo, former chief executive officer of Simply Good Foods, have both been appointed to Freshpet’s board of directors, effective immediately.

According to both companies, the new directors add CPG leadership and financial expertise to Freshpet’s board and are expected to support continued growth for the company.

“We are pleased to reach a constructive agreement with JANA,” said Billy Cyr, chief executive officer of Freshpet. “The Freshpet business has tremendous momentum and this agreement will help position us to continue delivering the results our shareholders expect. We also welcome Tim and Joe to our team and are confident they will be valued colleagues and members of our board as we work to continue capitalizing on the significant opportunities ahead and creating value for shareholders.”

McLevish will serve as a class I director and his term will expire at Freshpet’s 2024 annual meeting. Scalzo joins the board as a class II director, with his term expiring at the company’s 2025 annual meeting.

“We commend Freshpet for the significant improvements in the business, team and board made over the past year,” said Scott Ostfeld, managing partner at JANA. “Joe Scalzo and Tim McLevish are proven executives with exceptional track records of driving shareholder value, and we are confident that the company is well positioned to realize its full potential for shareholders. We look forward to supporting Freshpet’s board and management as it executes on its compelling growth strategy.”

McLevish offers more than two decades of leadership experience in operations and finance spanning various industries, including in the food and retail sectors. Throughout his career, he has held the role of chief financial officer at five different public companies: Carrier Corporation, Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., Ingersoll-Rand Corporation, and Mead Corporation.

“I have long admired Freshpet’s business as it has transformed from a pet food disruptor to a scaled industry leader,” McLevish said. “I am thrilled to join the company’s Board at this exciting time and look forward to bringing new perspectives and insight as the management team continues to execute on its long-term strategic growth plan.”

Scalzo brings more than 30 years of leadership experience, including in operations, to the Freshpet board, and also touts a strong record of value creation throughout his career. He has served as chief executive officer of both Simply Good Foods Company and WhiteWave Foods Inc. Scalzo also previously served as a senior executive at leading CPG companies Dean Foods, The Gillette Company and The Coca-Cola Company.

“Freshpet has built a category disrupting brand proposition in pet food with compelling sustainable competitive advantages, and I am very pleased to join the Board,” Scalzo said. “I am eager to support the Board and management team’s efforts to build on Freshpet’s industry-leading growth, enhanced operations, and leverage its significant competitive advantage to deliver long-term value for shareholders.”

These appointments have led JANA Partners to withdraw its previous director nominations. The investor has agreed to support Freshpet’s slate of directors at its 2023 annual meeting, which is scheduled for October.

“We have taken a thoughtful approach to board refreshment to ensure our directors have the right skills to support our long-term strategy and value creation objectives,” said Walter N. George, chairman of Freshpet. “Freshpet will benefit greatly from Tim and Joe’s deep experience in large-scale, complex and global consumer businesses, and we are pleased that they have joined our team.”

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