Starboard Value LP, a significant stockholder in Lamb Weston Holdings Inc. (NYSE: LW), announced it delivered a letter to the company's board of directors.

The activist investor called on the frozen potato processor to hold an investor day to outline a path to earnings growth and rebuild investor confidence, according to a press release statement. Starboard also stated its belief that Lamb Weston should achieve 25% adjusted EBITDA margins by fiscal year 2029.

The full text of Starboard's letter to Lamb Weston's board was made available through the investment firm's website. The letter represents the latest engagement between the activist investor and the Idaho-based food company.

Starboard Value describes itself as an investment adviser that focuses on deeply undervalued companies and actively engages with management teams and boards to identify opportunities to unlock shareholder value.