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, CPB has declined -19.71%, versus a 5.65% rise in the benchmark S&P 500 index during the same period.