Lifeway Foods Board Member Jody Levy Resigns

Lifeway Foods, Inc. (NASDAQ:LWAY) is among the most profitable consumer defensive stocks to buy now. On Wednesday, Lifeway Foods, Inc. (NASDAQ:LWAY) announced the resignation of Jody Levy from its board of directors, effective immediately. According to a statement in the SEC filing, Levy didn’t resign because of any disagreement with the company’s operations, rules, or policies.

A few days ago, Lifeway Foods, Inc. (NASDAQ:LWAY) signed a multi-faceted agreement with Danone, a French food company. Under the terms, Lifeway will appoint four new directors and split the roles of chair and CEO, currently held by Ms. Smolyansky. Not only that, but both companies have also mutually agreed to pause the litigation between them.

It goes without saying that this collaboration will ease the tensions between the two, as Lifeway Foods, Inc. (NASDAQ:LWAY) will now comply with the shareholder agreement. As stated by Ms. Smolyansky,

This agreement allows us to move forward with clarity and stability, while continuing to focus on what matters most: bringing probiotic-rich foods to more families and creating value for our shareholders.

Lifeway Foods, Inc. (NASDAQ:LWAY) is an Illinois-based producer and marketer of probiotic-based products. Incorporated in 1986, the company offers drinkable kefir, European-style soft cheeses, cream, and other products, and drinkable yogurt, among others.

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Disclosure: None.