Third Point Management Activist Presentation Deck
SIMPLE MEALS & BEVERAGES
Independent Slate sees ample opportunities to stabilize sales and drive earnings growth
Turnaround
Soup
Stabilize
Fresh Food
Renovate &
Innovate
Improve
Retailer
Relationships
Source: Third Point LLC
THIRD POINT
Focus on growing soup business (i.e. Stop apologizing for up!)
Current Board still treats soup as a "harvest" business and seemingly does not understand the impact of
positive growth in soup (driven by innovation around flavors and ingredients) as a value creation strategy
Soup category is still growing and on trend with consumer demands for greater convenience and value
O
O
Stem margin declines in fresh food through more disciplined cost management
Stronger operating performance will boost proceeds if/when assets are sold
O
Make product offering more relevant to modern consumers
Renovate legacy brands (design, packaging) for modern consumer tastes
Modernize product attributes (ingredients, flavors)
O
Repair damaged relationships with key retail partners
O Work with key retail partners to better managing pricing, promotional strategies, and trade spend
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