Campbell soup-maker descendants say they support board
Activist investor waging a proxy fight with another relative to replace the entire board
Key members of the family that has effectively controlled Campbell Soup Co. for more than a century said they would support the current board, narrowing the odds for activist investor Daniel Loeb, who is waging a proxy fight with another descendant to replace the entire 12-person board.
Campbell said in a statement Wednesday four shareholders, all descendants of the inventor of Campbell’s condensed soup John T. Dorrance, had each separately told Board Chairman Les Vinney on behalf of themselves “and certain family members” that they would vote for the current slate of board of directors at the company’s annual meeting. The meeting is scheduled for Nov. 29. This group of relatives own a collective 41% of the company’s shares, the company said.
The descendants include Bennett Dorrance, Mary Alice Malone and Archbold van Beuren, all of whom serve on the board. The group also includes Charlotte C. Weber and other family members associated with them.
In September, Mr. Loeb and his hedge fund Third Point LLC launched a proxy fight to replace the entire board at the soup company after the company lost its chief earlier this year amid flagging sales.
Mr. Loeb is working with George Strawbridge Jr., another descendant of the Campbell founder who owns a roughly 2.8% stake, according to FactSet.
Third Point and its allies own about 10% of Campbell’s stock combined. Third Point didn’t immediately respond to a request for comment.
Third Point initially called for a sale of the entire company but after launching the proxy fight said a new board should be empowered to recruit a new chief executive and review the foodmaker’s operations.
Campbell in August announced results of its own strategic review and said it plans to sell its fresh-foods unit, which includes Bolthouse Farms carrots and juices, and its international business. The Wall Street Journal previously reported that several potential buyers have expressed interest in the fresh-foods unit, including former Bolthouse CEO Jeff Dunn.