Ingles Markets has released an investor presentation ahead of its April 30 annual meeting, intensifying its opposition to a director nominee put forward by Summer Road LLC, the family investment office of David Sackler.
The Asheville, North Carolina-based grocer is urging shareholders to vote for its two independent director candidates — Rebekah Lowe and Dwight Jacobs — on the company’s white proxy card and reject Rory Held, who was nominated by Summer Road. The Sackler family owned Purdue Pharma, the manufacturer of OxyContin, and paid billions in fines and settlements related to the opioid crisis.
The grocer’s case
The presentation highlights Ingles’ financial track record, noting that the company’s total shareholder return has outperformed relevant index and peer benchmarks (see bullet points below). It also points to improved first-quarter fiscal 2026 results as evidence of momentum following the impacts of Hurricane Helene.
Ingles said it offered on multiple occasions to collaborate with Summer Road on identifying an independent director candidate unaffiliated with the Sacklers, but Summer Road insisted on Held. The company contends that any Sackler-affiliated board member would damage customer trust and erode sales in the six Southeastern states where it operates, given the impact of the opioid epidemic on those communities.
“We strongly believe that allowing any Sackler representative to influence the company as a member of the board would be bad for Ingles, bad for shareholders, bad for associates, bad for customers and bad for the communities we serve,” the company stated.
Ingles goes so far as to say that the “threat of a boycott is real” if Held is elected to the board.
Director candidates
Ingles said its candidates were selected through a process focused on relevant experience. Lowe brings more than 25 years of experience in customer-focused operations and public company board service. Jacobs is a public company executive with a background in operations, supply chain, real estate and finance.
Ingles also said it plans to invest $120 million to $160 million in capital over the next two fiscal years, including technology upgrades and store remodels.
Ingles Markets operates 197 supermarkets across six Southeastern states.