Campbell Soup chairman urges shareholders to vote in support of current board
Campbell Soup Company announced it has sent a letter from its Independent Chairman Les Vinney to its shareholders in connection with Campbell's 2018 Annual Meeting of Shareholders, scheduled for Nov. 29, 2018. The letter read, in part: "My name is Les C. Vinney and I am the independent Chairman of Campbell Soup Company. I am writing to you because our 2018 Annual Meeting of Shareholders is only a month away. At that meeting, you will be faced with a critical decision regarding the future of Campbell and your valued investment. Third Point, a New York-based hedge fund that bought Campbell stock less than five months ago, is attempting to seize control of Campbell's entire Board with a slate of hand-picked and underqualified candidates. Third Point has failed to articulate a cogent plan to run the Company. In fact, it has not provided any new ideas to enhance shareholder value. Third Point's talk of an "operational turnaround" and a "proper strategic review" is a charade. The truth is that Third Point is only interested in pursuing an immediate sale of Campbell. Unlike Third Point, the Campbell Board of Directors is unified and committed to maximizing value for all Campbell shareholders. We are confident in the new strategic direction we detailed on August 30th and strongly believe that our plan to improve the focus and financial performance of the Company is the best path forward at this time. Additionally, your Board will continue to seriously consider other strategic options, including a sale of the Company-an alternative that we thoroughly evaluated during the strategy and portfolio review-if such options can be shown to demonstrably enhance shareholder value relative to our current plan. To support Campbell, vote FOR the re-election of Campbell's highly qualified and engaged slate of directors on the enclosed GOLD proxy card today. Vote only the GOLD proxy card-please discard any white proxy cards you receive from Third Point...Your Board is and will continue to be active and engaged. It is working to implement the plan to make Campbell a stronger company. The Board has taken swift action-making significant management changes, launching a comprehensive strategy and portfolio review, and announcing a new comprehensive path forward. We remain open and willing to consider any alternative options for the Company if such options can demonstrably enhance shareholder value beyond what has already been announced."