Asheville, North Carolina-based Ingles Markets Inc. has shared preliminary voting results from its 2026 Annual Meeting of Shareholders, with Rory Held and Dwight Jacobs 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 and centered around two seats on Ingles’ eight-member board.
Ingles urged shareholders to vote for its nominees, Rebekah Lowe and Dwight Jacobs, on the white proxy card, while Summer Road sought support for Held, its chief investment officer, on the gold proxy card.
Lowe has spent more than 25 years 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.
Summer Road is the family investment office of David Sackler. The Sackler family ran Purdue Pharma, manufacturer of OxyContin, and paid billions of dollars in fines and settlements related to the national opioid crisis.
Ingles contended 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.
Summer Road noted, however, that Held never worked for Purdue Pharma.
Vote for change
Summer Road, 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 results, Held received support from about 62 percent of the shares outstanding, which represented about 70 percent of the total votes cast.
Held thanked shareholders for their support and engagement throughout the campaign.
“Today’s election represents a clear mandate from Class A shareholders that change is needed at Ingles,” he said. “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.”
Board response
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 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 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
Ingles Markets Inc. has 197 supermarkets in six Southeast states. In addition, the company operates neighborhood shopping centers, most of which contain one of its supermarkets. The company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers.