Third Point (7% stake) responds to Campbell’s latest remarks
“We are dismayed that Campbell’s inept Board thinks it is appropriate to mislead shareholders by misrepresenting our plan in an obvious attempt to divert attention from its own track record, which can be simply summarized as zero value created for shareholders in twenty years. The Entrenched Board continues to make the same, debunked claim that the Independent Slate’s only plan is to sell the Company when we have stated clearly that our call for a sale was specific to the strategic review period with this dysfunctional leadership team in place. When the Entrenched Board did not reach this same conclusion during the strategic review and instead decided to muddle along and drive shares down further, we decided to challenge its leadership to benefit all shareholders. Since announcing our proxy plans, we have advanced thoughtful and thorough plans about how the Independent Slate will improve Campbell that are far more substantive than the Company’s plan, which is simply flaccid language about selling a few assets and hiring a CEO, which the Entrenched Board has proved unable to do for nearly six months.Campbell further insults shareholders today by suggesting that it is a “waste of time” for non-insider, non-heir shareholders to expresstheir views about how this company – which stock is down more than 20% in this year alone – can improve. The changes the Entrenched Board claims to have made are too little, too late and a simple stock chart shows the current directors are already failing to create value, just like this Entrenched Board’s previous “strategic plans”.Our 100-day operating plan positions the Independent Slate to expeditiously implement operational, strategic, and financial initiatives that we believe the current Board does not have the expertise, vision, or will to execute.It’s long past time that a qualified, independent Board has an opportunity to execute a thoughtful strategy that can yield better management, improvements across the corporate culture, a modernization of core products, and an enhanced focus on the Company’s legendary Soup brands.”After reviewing our summarized plan here, we encourage shareholders to also review The Independents and Fiction vs. Fact to understand more about why the Independent Slate will respect Shareholder voices, end the Insider Board Members’ Reign of Error, and set Campbell on a new and profitable path. We urge all shareholders to VOTE THE WHITE CARD to elect the Independent Slate. Related ()