Campbell and Third Point Reach a Resolution, but Challenges to Righting the Business Still Loom
In advance of its annual shareholder meeting Nov. 29, wide-moat Campbell Soup announced it had come to a resolution with activist investor Daniel Loeb and his investment firm Third Point in their months-long proxy battle. As part of the agreement, Campbell will expand the size of its board to 14 members, adding Sarah Hofstetter (president of Comscore) and Kurt Schmidt (former director and CEO of Blue Buffalo) as directors. Further, Third Point will be involved in the selection of the company’s p...Campbell Soup is a manufacturer and marketer of food and beverage products. The company's reportable segments are: Meals and Beverages, which includes the retail and foodservice businesses in the United States and Canada, and the meals and shelf-stable beverages business in Latin America; Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in United States retail, including Milano cookies and Goldfish crackers, and Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the United States and Canada.
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