SpartanNash Company

In Brief

Macellum Advisors and Ancora Holdings Group, who beneficially own approximately 4.5% of the outstanding common shares of SpartanNash Company (NYSE: SPTN), have nominated three highly qualified and independent candidates for election to the Company’s Board of Directors at the 2022 Annual Meeting of Shareholders.

Our analysis and engagement to date lead us to believe that SpartanNash’s leadership is wed to a flawed corporate structure and has failed to implement basic operating initiatives while leaving $1 billion of owned real estate sitting idle on the balance sheet. We believe these missteps have resulted in poor operating results and sustained share price underperformance for too long. Moreover, we believe the Board’s failure to effectively develop succession plans has resulted in constant chaos in the C-suite, with four changes to the Company’s Chief Executive Officer role in five years yet no clear strategy for value creation.

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