Campbell: Third Point wants to replace entire board
(CercleFinance.com) - Alternative investment firm Third Point on Friday confirmed that it will attempt to replace Campbell's entire board at the company's annual meeting expected in November.
In a letter to Campbell's chairman of the board, Les Vinney, the New York-based asset manager condemns the board's "mismanagement," as well as its "ill-conceived strategy," and "inept execution."
In particular, Third Point's CEO Daniel Loeb notes that Campbell shares are now trading at a price that is about 20% lower than it was 20 years ago.
While the investment firm believes Campbell has "iconic" brands, Third Point also highlights "failure to innovate" and mentions the disappointing outcome of Campbell's recent "strategic review," which has led to the sale of parts of the business.
This is prompting the firm propose that the 12 directors be replaced.
According to media reports, Third Point has built up a 5.6% stake in Campbell. In all, its stake amounts to 18 billion dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a letter to Campbell's chairman of the board, Les Vinney, the New York-based asset manager condemns the board's "mismanagement," as well as its "ill-conceived strategy," and "inept execution."
In particular, Third Point's CEO Daniel Loeb notes that Campbell shares are now trading at a price that is about 20% lower than it was 20 years ago.
While the investment firm believes Campbell has "iconic" brands, Third Point also highlights "failure to innovate" and mentions the disappointing outcome of Campbell's recent "strategic review," which has led to the sale of parts of the business.
This is prompting the firm propose that the 12 directors be replaced.
According to media reports, Third Point has built up a 5.6% stake in Campbell. In all, its stake amounts to 18 billion dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.