Dan Loeb targets entire Campbell Soup board
Activist investor Daān Loeb has an all-new recipe for the Campbešll Soup board.
The hedgie behind Third Point has rounded up a full slate of candidates to replace the Camden, NJ, soupmakerāsā 12-person board, the fund said in a regulatory filing Friday.
Loeb usually targets only a few seats on bš oards of companies he targets, but āyears of [Campbellās] failingsā and āstrategic and financial blundersā necessitates a complete overhaul, according to the filing.
āUnfortunately, this Boardās ź¦persistent failure to discharge its fiduciaryš 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 Campbellās board.
The Post exclusively reported in July that Loeb was hatching a plan to shakeą·“ things up at Campbell.
Loebās 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 annāounced that it planned to sell its international and fresh fšoods business.
The plan was not enough to sšÆatiate the fiery activist.
āThe disappointing outcome of Campbellās recent āstrategic 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.
āAt this point, it would be simply reckless to leave the Bošŗard that causedā this mess in charge of fixing it,ā Loeb wrote.
But Loebās path to takšing 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 Loebās ā12 nominees.
Campbell aācknowledged receipt of Loebās nominees and said it is focused on its current plan but is āopen and committedā to evaluating options.
āConsistent with its normal practice, the Campbell Board will review the Director nominees proposeād by Third Point,ā theš company said.