Summer Road LLC, which owns approximately 3% of Ingles Markets' Class A common stock, released a presentation calling for independent shareholder representation on the grocery chain's board of directors.

The investment firm nominated Rory A. Held as an independent director candidate for Ingles Markets (NASDAQ: IMKTA). According to the press release, Held beneficially owns 3% of the Class A shares and has public company board experience.

Summer Road's presentation criticizes Ingles' dual-class share structure and what it characterizes as a lack of board accountability. The firm claims these factors have contributed to underperforming shareholder returns and operational issues at the North Carolina-based supermarket operator.

The presentation also addresses compensation for Robert P. Ingle II, who serves as chairman and controlling shareholder of the company. Summer Road alleges the compensation structure is excessive relative to company performance.

Ingles Markets operates supermarkets primarily in North Carolina, South Carolina, Georgia, Tennessee, Virginia and Alabama. The company went public in 1987 and maintains a dual-class structure where Class B shares carry greater voting power than Class A shares.

Summer Road describes itself as a family office that invests across multiple strategies and asset classes. The firm is working with proxy solicitor Saratoga Proxy Consulting to support its director nomination campaign.

The information is based on a press release from Summer Road LLC.