MGP Ingredients is in the midst of a major proxy dispute, as two members of its board are trying to remove the company's chairman, whose term is expiring, and calling for the removal of President and CEO Tim Newkirk.
The two members of the board making the move are Cloud Cray Jr. and Karen Seaberg, the son and granddaughter of company founder Cloud Cray Sr.
Cloud Cray Jr. was chairman from 1980 to 2006 and CEO from 1980 to 1988. He's been a director of the company for more than 50 years. Seaberg…
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