Lamb Weston has reached a settlement with activist hedge fund Jana Partners, granting the investor significant influence over the frozen potato giant’s board and avoiding a potentially contentious proxy battle, according to a report by Reuters.

Under the agreement announced on Monday, four of Jana’s proposed director nominees will join Lamb Weston’s board, including former Nestlé USA CEO Bradley Alford, who will serve as chairman. Also joining are former Lamb Weston executive chairman Timothy McLevish, Continental Grain adviser Ruth Kimmelshue, and Jana portfolio manager Scott Ostfeld. Two additional directors, Lawrence Kurzius and Paul Maass – both food industry veterans – were mutually agreed upon, expanding the board from 11 to 13 seats.

The settlement follows seven months of pressure from Jana for operational and strategic changes, including a potential sale of the $7.6bn company. The hedge fund, which holds a 7% stake in Lamb Weston, had gathered strong shareholder support, with a survey reportedly showing half of the company’s top 50 investors favoured a full board overhaul.

Lamb Weston CEO Mike Smith, who took over following weak earnings last year, said the agreement serves the best interests of all shareholders.