[ad_1]
CAMDEN, N.J. (AP) – The Campbell Soup Co. announced Monday that it was going to add two members to its board as part of a deal with an activist investor.
The new directors of the board of directors, composed of 14 members, are assisted by Third Point, a New York investment company that owns 7% of Campbell shares.
Third Point led a month-long campaign against the 149-year-old company and its leaders. Three descendants of Campbell's founder, who sit on the board of directors. Sales of Campbell & # 39; s American soups decreased by 8% during its 2018 fiscal year as customers searched for cooler alternatives.
The change will give Third Point more information on Campbell's current research in the CEO. In exchange, Third Point will remove its list of five board nominees and terminate its campaign for 12 months.
Shareholders will review the change on Thursday at Campbell's annual meeting.
Shares of the Camden, New Jersey-based company fell 3.7% to $ 39.03 in the afternoon session.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed.
Source link
