Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
Mismanagement of retail channel has driven large market share losses
■
I
W
■
SOUP
Problems (again) created by self-inflicted issues
Failed to drive category growth
Raised prices without increasing value to
consumers
Mismanaged price gaps and trade spending
Created a large and public conflict with Walmart,
its most important customer
66 In recent years, we have pushed the [soup]
business too hard on pricing and margin. 99
- Board member & interim CEO Keith McLoughlin
THIRD POINT
Campbell losing share
to branded AND private label competitors
Change in US soup market share,
last 52wks, %
(2.4%)
Campbell
Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18); Last 52wks through 7.29.18 (per Campbell fiscal 4q18 public presentation)
Source: Third Point LLC; Company Materials; IRI
1.0%
Other Brands
1.4%
Private Label
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