Third Point Management Activist Presentation Deck
LACK OF LEADERSHIP
Incumbent Board also failed to plan for succession,
leaving Campbell without a permanent CEO at a crucial juncture in its history
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Denise Morrison (CEO since August 2011) abruptly left as the Company reported
disastrous fiscal 3q18 earnings and lowered forward guidance
Despite years of issues and a CEO approaching retirement age, incumbent Board
failed to develop a succession plan (a critical duty of any board)
As a result, Campbell now led by interim CEO Keith McLoughlin, who has zero
operating experience in packaged food and most recently served as CEO of
Swedish appliance manufacturer Electrolux
Lack of leadership, combined with rapidly deteriorating financial and operational
performance, presumably led Campbell to announce a strategic review
Note: Denise Morrison age 63 at retirement
Source: Third Point LLC; Company Materials; Google Images
THIRD POINT
"If you fail to plan,
you
are planning
to fail."
- Benjamin Franklin
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