Activist investor Dan Loeb has an all-new recipe for the Campbell Soup board.
The hedgie behind Third Point has rounded up a full slate of candidates to replace the Camden, NJ, soupmaker’s 12-person board, the fund said in a regulatory filing Friday.
Loeb usually targets only a few seats on boards of companies he targets, but “years of [Campbell’s] failings” and “strategic and financial blunders” necessitates a complete overhaul, according to the filing.
“Unfortunately, this Board’s persistent failure to discharge its fiduciary duties leaves us no choice but to seek to replace the entire Board with our Shareholder Slate,” Loeb — careful not to mince words — wrote in a letter to Campbell’s board.
The Post exclusively reported in July that Loeb was hatching a plan to shake things up at Campbell.
Loeb’s Third Point announced a 5.7 percent stake in the soup maker in August and said the company should put itself on the block to be acquired by a strategic buyer.
Last month after a three-month strategic review, Campbell announced that it planned to sell its international and fresh foods business.
The plan was not enough to satiate the fiery activist.
“The disappointing outcome of Campbell’s recent ‘strategic review’ process provides further evidence that this Board is unable or unwilling to take the bold action needed to address the current crisis,” Loeb wrote.
“At this point, it would be simply reckless to leave the Board that caused this mess in charge of fixing it,” Loeb wrote.
But Loeb’s path to taking over the board may be challenging.
Roughly 40 percent of shares are held by descendants of John Dorrance, who was an early leader of the 149-year old company. Family members holding a majority of the descendants’ stake are thought to be reluctant to sell.
Loeb has managed to recruit one family member, George Strawbridge, who has a 2.8 percent stake in Campbell. Strawbridge is one of Loeb’s 12 nominees.
Campbell acknowledged receipt of Loeb’s nominees and said it is focused on its current plan but is “open and committed” to evaluating options.
“Consistent with its normal practice, the Campbell Board will review the Director nominees proposed by Third Point,” the company said.
