Third Point Management Activist Presentation Deck
HOW DID WE GET HERE?
Incumbent Board, in their own words, has consistently failed Campbell shareholders
66 Simply put we lost focus. We lost focus strategically. We had too many initiatives that
made the company unnecessarily complex. We were in the food business and the ag
business. We had growth businesses and we had cash businesses. We were focused on
startup businesses and venture capital investments. We aggressively pursued the
important consumer megatrend of health and well-being without having clarity on our
source of uniqueness or whether we brought a competitive advantage to the space, and
we depended too much on M&A to shape our business strategy.
THIRD POINT
We lost focus within our products and brands. We did not manage our portfolio in a
differentiated manner. We pushed cash businesses for growth and we underfunded
growth businesses. Our resource and capital allocation discipline was inadequate and we
didn't properly align our resources with our core business franchises where we have strong
market positions unique capabilities and the right to win.
Lastly we lost focus in process and execution. Our management processes lack the
necessary operating discipline. We created too many silos throughout the company where
decision rights were unclear. We lacked agility and we're slow to react to customer needs.
99
And finally we didn't have a culture of accountability which led to poor execution.
Campbell Board member & interim CEO Keith McLoughlin
Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18)
Source: Emphasis from Third Point LLC; Company Materials
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