Ingles Markets Inc. has shared preliminary voting results from its 2026 Annual Meeting of Shareholders, with Dwight Jacobs and Rory Held elected as Class A directors. Held was the nominee put forward by activist investor Summer Road LLC.
In the same vote, Fred D. Ayers, Robert P. Ingle II, Patricia E. Jackson, James W. Lanning, Laura Ingle Sharp and Brenda S. Tudor were elected as Class B directors, and shareholders approved, on an advisory basis, the compensation of the company’s executive officers.
The results conclude a contested proxy fight that played out over several weeks ahead of the meeting.
Resounding vote for change
Summer Road LLC, the beneficial owner of about 3 percent of the outstanding shares of Class A common stock of Ingles, said its nominee was elected with strong support from Class A shareholders.
Based on preliminary voting results, Held was elected to the Ingles board with support from about 62 percent of the shares outstanding, which represented about 70 percent of the total votes cast.
Held, chief investment officer of Summer Road, said the result reflected a clear message from shareholders.
“We would like to thank our fellow shareholders for their support and engagement throughout this campaign, and I look forward to continuing that dialogue as a director. Today’s election represents a clear mandate from Class A shareholders that change is needed at Ingles. I am now fully focused on putting the proxy contest behind me and working collaboratively together with the other members of the Ingles Board to improve the Company’s transparency and instill better oversight of capital allocation,” Held said.
Ingles board responds
The Ingles board issued a statement following the meeting acknowledging shareholder engagement and emphasizing its continued focus on the company’s long-term performance.
“We appreciate the engagement and input we’ve received from our shareholders leading up to the Annual Meeting. The Ingles Board and management team remain committed to serving the best interests of all Ingles stakeholders, including our shareholders, associates and the communities we serve, as we build on more than 60 years of success as a leading southeastern supermarket chain,” the board said.
The final voting results, once certified by the independent inspector of elections, will be reported on a Form 8-K to be filed with the Securities and Exchange Commission.
About Ingles
Headquartered in Asheville, North Carolina, Ingles Markets Inc. operates 197 supermarkets in six southeastern states In conjunction with its supermarket operations, the company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers.