ORRVILLE, Ohio, Feb. 26, 2026 — The J.M. Smucker Company said it will add two independent directors to its board after reaching an agreement with activist hedge fund Elliott Investment Management, a move that follows private discussions between the two sides and coincides with stronger quarterly results. Shares rose in early trading after the announcement, reflecting investor response to both the governance update and earnings performance.

The two new directors will join the board in April, increasing its size to 11 members. Woo Sung Chung, chief financial officer of NRG Energy, brings experience in corporate finance and capital oversight, while David Singer, former chief executive of Snyder’s Lance, adds leadership experience in the branded consumer food sector. The J.M. Smucker Company said the appointments expand the board’s range of expertise and support oversight of operations and long-term planning.

The agreement with Elliott followed engagement between the investor and company leadership. Elliott has acquired a stake in the company and had privately advocated for governance changes. The discussions resulted in an understanding that included board expansion and avoided a more public dispute. Both sides described the engagement as constructive.

Board Changes and Governance

Board composition has become a focus for many publicly traded companies as shareholders seek active oversight and accountability. The J.M. Smucker Company manages a portfolio of food and beverage brands while integrating recent acquisitions. Governance changes can affect how the board reviews strategy, capital allocation, and executive structure.

Earlier this month, the company eliminated the chief operating officer role as part of broader leadership adjustments. Management said the decision was intended to streamline responsibilities and align oversight functions more directly with operational priorities. The board expansion adds independent voices at a time when investors are closely evaluating performance across business segments.

The new directors bring backgrounds in financial management and consumer goods leadership. Company officials said their experience will contribute to discussions about budgeting, risk management, and brand development. The board selection process followed standard procedures for identifying qualified independent candidates.

Investor Engagement

Elliott Investment Management is known for engaging companies on governance and strategic matters. In this case, discussions addressed board composition rather than a proxy contest. The resulting agreement provided for two new directors and reflected alignment between the investor and company leadership on oversight structure.

The J.M. Smucker Company said its leadership values shareholder input and believes constructive dialogue can support long term performance. By reaching an agreement, the company and Elliott avoided a public campaign and moved directly to board changes.

Financial Performance and Market Reaction

The governance announcement came on the same day the company reported quarterly results that exceeded analyst expectations. Revenue and profit figures helped improve investor sentiment, and shares climbed sharply following the combined news.

Analysts said the performance, paired with the board update, contributed to renewed market interest. Earlier challenges related to integration of recent acquisitions and higher input costs had weighed on sentiment in previous quarters. Stronger results and governance adjustments together shaped investor response.

The J.M. Smucker Company continues to operate in a competitive consumer packaged goods environment. Management said it remains focused on disciplined financial management and brand performance across its portfolio.

Outlook

The two new directors are scheduled to begin their terms in April. Investors will monitor how the expanded board participates in oversight of strategy, capital allocation, and operational review.

Company leaders said the board refresh reflects ongoing commitment to strong governance and broad professional expertise. With the agreement in place, the company enters its next phase of governance with additional independent representation and continued engagement with shareholders.