Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Campbell, Third Point urge shareholders to vote for two different boards

Stock Markets Sep 14, 2018 09:03PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Tins of Campbell's tomato soup are seen on a supermarket shelf in Seattle
 
CPB
-1.92%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - Campbell Soup Co (N:CPB) and hedge fund Third Point LLC on Friday filed preliminary proxy materials urging the food company's shareholders to vote in favor of two entirely different slates of board nominees.

Third Point, run by billionaire investor Daniel Loeb, launched a proxy fight last week to replace Campbell's 12-member board. Loeb's $18 billion hedge fund, which owns a 5.65 percent stake, said at the time that the soup-maker was in a "mess" and faulted its board for failing to take corrective action.

His move came a week after Campbell announced the results of a broad strategic review and said it would sell its international and fresh refrigerated-foods units.

Third Point's 12-person slate includes William Toler, former chief executive of Hostess Brands, Munib Islam, a partner at Third Point, and George Strawbridge, a grandchild of chemist John Dorrance who invented condensed soup and ran Campbell nearly a century ago.

Campbell, which is pushing for its board to remain intact, said it did not endorse any of Third Point's board nominees. Two other Dorrance grandchildren and a great grandchild currently sit on the board, and own a sizable stake in the company.(https://

The current composition of the board reflects an appropriate mix of experience and qualifications that are relevant to the business and governance of Campbell, the company said. Campbell laid out a detailed analysis of its board members' skill-sets and qualities in its filing, which included details on their experience in leadership, M&A and the consumer goods industry.

Third Point said the Campbell board's failure to have a functioning chief executive succession plan in place following Chief Executive Denise Morrison's exit in May was "a reflection of its inability to conduct one of the most essential duties of any board of directors." (https://

The 149-year-old company, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Campbell, Third Point urge shareholders to vote for two different boards
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email