Lamb Weston Soars After New Strategic Program, Job Cuts (2)

Lamb Weston Holdings Inc. surged the most in more than four years after saying it would cut 4% of its global workforce, part of a new cost-saving program.

The job cuts include the elimination of certain unfilled positions, the company said Wednesday. The program aims to deliver at least $250 million of annualized savings by the end of fiscal 2028.

The French fry supplier had already been undergoing a restructuring amid activist pressure. Michael Smith assumed the chief executive officer role earlier this year and put a plan in place that included cuts to manufacturing and supply-chain costs.

Smith, ...