Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
SOUP
Core soup business lost relevance with consumers and is now in significant decline
■
■
-
Problems largely created by self-inflicted issues
Underinvestment in R&D led to limited innovation
(packaging, ingredients)
New product launches and flavors failed to
resonate with core consumers
Cuts to marketing spend hurt brand equity
66 We did not do enough to keep our soup products
and brands relevant with consumers.99
- Board member & interim CEO Keith McLoughlin
THIRD POINT
Sales declines have accelerated
with most recent quarter down a shocking 14%
(3%) (4%)
Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18); Campbell US soup growth disclosed on Company earnings calls
Source: Third Point LLC; Company Materials
U.S. soup sales, y/y growth, %
(5%)
(2%)
0%
1%
T
(1%)
TI
(7%)
(9%)
(4%) (4%)
(14%)
1q16 2q16 3q16 4q16 1917 2q17 3q17 4q17 1q18 2q18 3q18 4q18
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