According to a survey conducted by activist investor Jana Partners, average confidence in Lamb Weston’s current board scored just 1.3 on a 10-point scale.

Nearly half of Lamb Weston’s (LW) top 50 shareholders support replacing the company’s entire board, according to a letter from activist investor Jana Partners reviewed by Reuters. 

The hedge fund is weighing a proxy fight and has until the end of June to nominate directors for election to the 11-member board.

Jana, which owns about 7% of the $8 billion frozen potato company, commissioned an independent survey last month to gauge investor sentiment following a 37% drop in the stock price over the past year and the January appointment of a new CEO.

According to the letter seen by Reuters, more than 80% of surveyed shareholders supported a significant overhaul of the board, and average confidence in the current board scored just 1.3 on a 10-point scale.

Jana called the recent CEO change a “perfunctory” move that fails to address deeper governance and operational issues.

“Lamb Weston's board cannot magically erase years of systematic failures and the destruction of billions of dollars of shareholder value through a perfunctory CEO change,” wrote Scott Ostfeld, managing partner and portfolio manager at Jana. He encouraged fellow shareholders to engage directly with the company.

Lamb Weston’s stock traded flat on Tuesday morning. The company is the largest French fries supplier to McDonald’s (MCD), accounting for about 13% of its sales. 

In October last year, Lamb Weston announced a restructuring plan that included closing its older production plant in Washington and cutting about 4% of its workforce, which impacted around 375 employees.

The company said the move was primarily driven by a decline in demand for larger fries, partly due to McDonald’s $5 Meal Deal promotion that encouraged customers to buy smaller fries instead of medium or large ones.

Jana has been preparing for a potential boardroom fight, including identifying possible board nominees such as former Lamb Weston executive chairman Timothy McLevish, according to Reuters.

Neither Jana nor Lamb Weston has commented on the report. 

Lamb Weston’s stock has fallen more than 18% this year and nearly 40% over the past 12 months. 

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