Hedge Funder Dan Loeb’s Third Point is going after the board of Campbell Soup in a four-minute video aimed at convincing shareholders to take his side in a fight for control. The video begins with a woman dressed in pearls and a light pink dress dancing around her 1950s-style kitchen while the soup maker’s familiar jingle plays, “Mmm…Mmm.. Good” in the background.
Hedge Funder Dan Loeb’s Critical Video On Campbell Soup
That's what Campbell Soup is ... BAD.
What an incredible waste. One of America's most iconic brands being left behind by failed leaders who punished shareholders loyalty.
One dollar invested 20 years ago and the S&P 500 would be worth four dollars in six cents today. One dollar invested in the S&P 500 consumer staples index would be worth four dollars 37 cents today but one dollar invested 20 years ago in Campbell would only be worth a dollar 19 cents a dollar 19.
We believe that the Campbell's boards failed leadership has destroyed over two decades of value for its shareholders while their competitors flourished. They admitted as much themselves.
Simply put we lost focus. We lost focus within our products and brands. Lastly we lost focus and process and execution. We didn't have a culture of accountability which led to poor execution
They blew your money on bad deals that haven't worked. Literally there's juice in my veins. Dismal soup sales. Lowered expectations. The board failed to hold one CEO accountable for lousy performance. Instead they lavished her with more than 60 million dollars in total compensation and sent her to Davos to hobnob with a global elite.
My favorite food at Davos is the coffee. The board failed to plan for succession leaving shareholders without a permanent CEO at a critical time.
Fixing Campbell is not a simple case of adding a little salt or trying some gluten free noodles. It's far too late for that. It's time to empty the can refresh the recipe and restore shareholder value. MTV can you bet. Change the board. Not a member to all of the people you interview are responsible for this incredible destruction. And who have put the interests of corporate insiders and wealthy heirs ahead of shareholders and employees for to.
Vote for a fresh new board with impeccable credentials an independent slate with energy and experience who can recruit a best in class CEO and management team to turn this company around before it's too late. We know Campbell's can thrive again. This is the only way to restore value for shareholders employees. And all those who care about Campbell. It's what we do at third point. Tough restructuring. We've done it before. Other American companies like DOW DuPont Yahoo. And Sotheby's along with our slate. We own 8 percent of shares and have major skin in the game just like you do. Join us. After 20 years of failure we'll empty the can replace the board recruit a strong CEO. Restore this American icon to serve the people it should. Shareholders and employees and not cater to those on the inside.