Third Point Management Activist Presentation Deck
ANALYST PERSPECTIVE
After failed strategic review, leading sell-side analysts see need for greater change
66 While there was a lot to digest, all-in we learned
little that altered our view of the fundamental
trajectory of the business or value of the stock. 99
Goldman Sachs
66 One need look no further than [fiscal 4q18] performance
to understand that change is long overdue.99
Consumer Edge
66 What we found most interesting... was Interim CEO
Keith McLoughlin's point-by-point assessment of what
had gone wrong at CPB. Not only did this appraisal
destroy ex-CEO Denise Morrison's legacy but it also
served as a scathing critique of a board that let the
company drift during the Morrison era.
THIRD POINT
"Simply put, we lost focus. We lost focus strategically
[and] we had too many initiatives that made the
company unnecessarily complex," said McLoughlin.
Between that line and a few that followed,
McLoughlin basically threw the board under the bus
and with that, we don't see how Chairman [Les]
Vinney and a few other directors can continue
serving as board members. 99
Gordon Haskett
Note: Emphasis from Third Point; quotations from Goldman Sachs report "Fundamentals deteriorate and turnaround plans are still lacking" (8.30.18), Consumer Edge Research report "Q4 Follow up - Not The
End... But The End Of The Beginning" (8.30.18), Gordon Haskett note "Mm-Mm Bad" (9.4.18)
Source: Third Point LLC; Goldman Sachs; Consumer Edge Research; Gordon Haskett
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