Activist investor Third Point has laid out a 100-day plan it says will “refresh” Campbell Soup Co.
The plan envisions exploring the option of splitting the company into two separate and “better focused” companies. It also includes “reenergizing corporate culture,” investing in soup brands and modernizing core legacy Campbell products in the packaging, flavours and ingredients categories. It includes the proposed sale of non-core products in the snacks category, setting of new financial targets, an assessment of senior management and a re-evaluation of the company’s recent strategic review.
Third Point wants to replace the entire corporate board and has proposed its own “independent slate” of directors, including Bill Toler as interim CEO.
Third Point has been joined by George Strawbridge Jr., a Campbell Soup heir, in its bid. Third Point and Strawbridge together own an approximately 8.4 per cent stake in the company.