Third Point Seeks To Replace Campbell Soup's Entire Board

(RTTNews) - Campbell Soup Company (CPB) confirmed receipt of Third Point LLC's nomination of a slate of 12 director candidates to stand for election at the Company's 2018 Annual Meeting of Shareholders. Earlier today, Daniel Loeb's Third Point (TPRE, TPOU.L) announced that it will seek to replace the full Board at the Campbell Soup Company at the Company's Annual Meeting.

Commenting on the actions interim President and CEO Keith McLoughlin said, "The company is currently focused on implementing that plan and setting the foundation for sustainable, profitable growth in fiscal 2020 and beyond. The Board remains open and committed to evaluating all strategic options to enhance value in the future."

The Campbell Board said it will review the Director nominees proposed by Third Point and present the Board's recommended slate of director nominees in Campbell's proxy materials to be filed with the United States Securities and Exchange Commission in connection with the Company's 2018 Annual Meeting of Shareholders. Campbell shareholders are not required to take any action at this time.

According to Third Point's letter, Today, the shares of Campbell trade at a price that is about 20% lower than it was 20 years ago. The stock performance is a report card on this Board's tenure of mismanagement, waste, ill-conceived strategy, and inept execution. On the Company's earnings call last month, Interim CEO Keith McLoughlin detailed the Board's years of failings with an extensive catalogue of the strategic and financial blunders that brought the business to the brink. Absent from his commentary, however, was any accountability for the damage. No changes to the Company's Board or senior leadership were announced, making his contrite tone ring hollow.

Third Point said it is confident that the time has come to RefreshtheRecipe at Campbell with a new truly independent shareholder-friendly slate of Directors and a fresh vision for the Company.