Third Point Management Activist Presentation Deck
LACK OF ACCOUNTABILITY
Incumbent Board failed to hold CEO accountable
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Incumbent Board claims to maintain a "strong alignment between corporate performance and compensation"
However, that same Board lavished its fellow board member Denise Morrison with more than $60 million in total
compensation during her tenure as CEO. Over that time, earnings did not grow, leverage ballooned, and ROIC
imploded.
To pay so much for such poor performance suggests the incumbent Board either did not understand what was
happening to the business (suggesting incompetence) or claimed it was paying for performance it knew it was not
getting (suggesting deceit)
Incumbent Board's complete failure to hold CEO accountable
led to a compensation scheme that is insulting to Campbell employees and shareholders
Note: Campbell quotation from 2017 proxy statement; FY11 Adj. EPS of $2.54 is above FY19 Adj. EPS guidance of $2.45-2.53
Source: Third Point LLC; Company Materials; Bloomberg
THIRD POINT
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