Hedge Fund Keeps the Heat on Campbell Soup Company (CPB) Board

NYSE: CPB | Campbell Soup Company Common Stock News, Ratings, and Charts

CPB – Third Point’s Daniel Loeb continues to make sure his voice is heard.

Changes are coming to Campbell Soup Company (NYSE:CPB), but one activist investor wants the company to sit tight for the time being. Third Point’s Daniel Loeb has shared his advice in a letter to the board. 

CNBC has the news.

Activist hedge fund manager Daniel Loeb sent a letter to the board of Campbell Soup that strongly suggests the company wait until a new board of directors is in place before selecting a new chief executive officer. Campbell shareholders will elect the board at a Nov. 29 annual meeting, and Loeb wants to throw all the current directors out.

Campbell said in a separate statement Wednesday that it expects to choose its next CEO by the end of 2018.

Spokesperson Thomas Hushen reiterated the company’s plans in a statement to CNBC. “It has always been the board’s intention to select the company’s next CEO upon finding the best candidate, which we expect to do by the end of the calendar year,”he said.

Loeb has increased his stake in the company to 6.98 percent.

Campbell Soup Company shares were unchanged in premarket trading Thursday. Year-to-date, Campbell Soup Company (CPB - Get Rating) has declined -19.71%, versus a 5.65% rise in the benchmark S&P 500 index during the same period.

Campbell Soup Company (CPB - Get Rating) currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #26 of 57 stocks in the Food Makers category.

9 "Must Own" Growth Stocks For 2019

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Top Stories on StockNews.com

NASDAQ: IOVA | Iovance Biotherapeutics, Inc. News, Ratings, and Charts

8 Extreme Value Stocks

POWR Rating of A + 44-99% upside potential = 8 extreme value stocks to explore today.
: APRN | Blue Apron Holdings, Inc. Class A Common Stock News, Ratings, and Charts

What caused Blue Apron Holdings (APRN) stock to tank today?

Shares of Blue Apron sank amid announcement of reverse stock split
: CGC | Canopy Growth Corporation Common Stock News, Ratings, and Charts

Canopy Growth (CGC) reminds shareholders to vote in favor of a potential acquisition

Canopy Growth encourages shareholders to vote before the deadline Monday at 10:00 am
NYSE: SLB | Schlumberger N.V. Common Stock News, Ratings, and Charts

After recent weakness, is oil services company Schlumberger (SLB) a Buy?

Schlumberger's deep pullback could be a good opportunity for value investors
NYSE: DIS | Walt Disney Company (The) Common Stock News, Ratings, and Charts

Disney (DIS) is on track to set a box office record this year, is their stock a Buy?

Disney could earn more than $9 billion at the global box office

Read More Stories


More Campbell Soup Company Common Stock (CPB) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All CPB News
Page generated in 1.3073 seconds.