Business

Dan Loeb targets entire Campbell Soup board

Activist investor Daā™n Loeb has an all-new recipe for the CampbešŸƒll Soup board.

The hedgie behind Third Point has rounded up a full slate of candidates to replace the Camden, NJ, soupmakerā€™sā™Š 12-person board, the fund said in a regulatory filing Friday.

Loeb usually targets only a few seats on bš’…Œoards of companies he targets, but ā€œyears of [Campbellā€™s] failingsā€ and ā€œstrategic and financial blundersā€ necessitates a complete overhaul, according to the filing.

ā€œUnfortunately, this Boardā€™s ź¦—persistent failure to discharge its fiduciaryšŸƒ duties leaves us no choice but to seek to replace the entire Board with our Shareholder Slate,ā€ Loeb ā€” careful not to mince words ā€” wrote in a letter to Campbellā€™s board.

The Post exclusively reported in July that Loeb was hatching a plan to shakeą·“ things up at Campbell.

Loebā€™s Third Point announced a 5.7 percent stake in the soup maker in August and said the company should put itself on the bā›¦lock to be acquired by a strategic buyer.

Last month after a three-month strategic review, Campbell annā™“ounced that it planned to sell its international and fresh fšŸŽƒoods business.

The plan was not enough to sšŸ”Æatiate the fiery activist.

ā€œThe disappointing outcome of Campbellā€™s recent ā€˜strategic reviewā€™ process provides further evidence that this Boardź©² is unable or unwilling to take the bolź¦—d action needed to address the current crisis,ā€ Loeb wrote.

ā€œAt this point, it would be simply reckless to leave the BošŸŒŗard that causedā™” this mess in charge of fixing it,ā€ Loeb wrote.

But Loebā€™s path to takšŸ™ˆing over the board may be challenging.

Roughly 40 percent of shares are held by descendants of John Dorrancź¦•e, who was an early leader of the 149-year old company. Family members holding a majority of the descendantsā€™ stake are thought to be reluctant to sell.

Loeb has managed to recruit one family member, George Strawbridge, who has a 2.8 percent stake in Campbell. Strawbridge is one of Loebā€™s āœƒ12 nominees.

Campbell aā™šcknowledged receipt of Loebā€™s nominees and said it is focused on its current plan but is ā€œopen and committedā€ to evaluating options.

ā€œConsistent with its normal practice, the Campbell Board will review the Director nominees proposeā™d by Third Point,ā€ theš’ŠŽ company said.