Campbell Soup CEO sees no room for concessions to Third Point

CHICAGO (Reuters) – Campbell Soup Co (CPB.N) interim Chief Executive Keith McLoughlin does not believe that there are any concessions to be made in an ongoing proxy fight with hedge fund Third Point LLC, he told Reuters on Thursday.

FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid/File Photo

Third Point seems only open to taking over Campbell’s board and has not expressed interest in anything less, McLoughlin said in a telephone interview.

McLoughlin said that he has not discussed the proxy fight that started in September with Third Point, run by activist investor Dan Loeb, which is pushing to replace the food company’s entire board of directors. Loeb has publicly accused the soup maker’s board of mismanaging the company and destroying shareholder value.

Reporting by Richa Naidu; Editing by Caroline Stauffer


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