The Campbell's Company · NASDAQ:CPB
The Campbell's — Campbell Soup — Proxy Contest (October 2018)
13 slides from The Campbell's's proxy contest presentation, Oct 26, 2018
Slide 1: Campbell: Fiction vs Fact
CAMPBELL: FICTION vs FACT OVER THE PAST FEW WEEKS, CAMPBELL HAS RESORTED TO MAKING INCREASINGLY DESPERATE CLAIMS TO DEFEND ITS POOR PERFORMANCE AND THE SAD STATE OF THE COMPANY. We are confident that new leadership can help recoup lost capital and put the Company on a better path. Unlike Campbell, w
Slide 2: Fiction #1: Total shareholder return is not as bad as it appears
FICTION #1 Campbell’s total shareholder return is not as bad as it appears. THE FACTS Campbell’s total shareholder return has delivered significantly below peers and the S&P 500 over any relevant period. Over the past 20 years, its stock is down 30%. Footnote: Total shareholder return includes divid
Slide 3: Fiction #2: Industry woes are entirely to blame
FICTION #2 Industry woes are entirely to blame for Campbell’s terrible performance. THE FACTS Analysts say Campbell has suffered from self-inflicted issues created by woeful mismanagement and poor oversight by the Incumbent Board. A reasonable observer would also highlight ‘‘ Campbell’s many self-in
Slide 4: Fiction #3: Strategic and operational blunders were a mere mistake
FICTION #3 Campbell’s series of strategic and operational blunders over the years, which cost shareholders many billions of dollars, can be dismissed as a mere “mistake.” THE FACTS Campbell’s Incumbent Board has overseen underperformance in Campbell shares relative to peers and put the business in a
Slide 5: Fiction #4: Incumbent Board has taken appropriate actions
FICTION #4 Campbell’s Incumbent Board has taken appropriate actions to fix the mess it created. THE FACTSCampbell’s actions were too little, too late. Its strategic review failed to take any bold actions –the company is still left without a permanent CEO, since the Incumbent Board failed in its esse
Slide 6: Fiction #5: Campbell is already executing on Independent Slate recommendations
FICTION #5 Campbell is already successfully executing on Independent Slate recommendations and therefore doesn’t need new oversight or our fresh ideas. THE FACTS Campbell’s business is rapidly deteriorating under the Incumbent Board. The company is failing to innovate its products, losing market sha
Slide 7: Fiction #6: Campbell is in capable hands under interim CEO
FICTION #6Campbell is in capable hands under interim-CEO Keith McLoughlin. Campbell’s website THE FACTS Keith McLoughlin is not qualified to serve as Campbell’s CEO. CAPABLE HANDS?? • He has zero experience in packaged food and spent his career at Electrolux, a Swedish manufacturer of vacuum cleaner
Slide 8: Fiction #7: Incumbent Board can attract a world-class CEO
FICTION #7 Campbell’s Incumbent Board can attract a world-class CEO. THE FACTS Campbell’s Incumbent Board has been looking for over five months and has failed to find a permanent CEO. No leading candidates want to work for billionaire heirs Bennett Dorrance, a real estate developer, and Mary Alice M
Slide 9: Fiction #8: Incumbent Board is open to all options
FICTION #8 Campbell’s Incumbent Board is open to all options to create shareholder value. THE FACTS Campbell’s Incumbent Board is interested in protecting the interests of corporate insiders and billionaire heirs at the expense of ALL other shareholders; and with a collective net worth of over $5B a
Slide 10: Fiction #9: Independent Slate only wants to sell Campbell
FICTION #9 Independent Slate only wants to sell Campbell to a strategic buyer. THE FACTS Independent Slate is open to ALL options and sees multiple paths to create value for shareholders under new leadership. We have said this repeatedly. Our position was that a sale was the only reasonable option i
Slide 11: Fiction #10: Independent Slate nominees are unqualified
FICTION #10 Independent Slate nominees are unqualified. THE FACTS Independent Slate has the skills in modern marketing, food & beverage C-suite leadership, industry expertise, and capital allocation to help create a better path forward for Campbell, is unburdened by the many mistakes of the past, an
Slide 12: Fiction #11: Incumbent Board nominees are best positioned to fix this Company
FICTION #11 Incumbent Board nominees are best positioned to fix this Company. THE FACTS Incumbent Board has failed shareholders over and over again. We believe it would be reckless to leave those that created this situation in charge of fixing it. ‘‘ Insanity is doing the same thing over and over ag
Slide 13: Vote the Independent Slate for a Better Campbell
Card FOR QUESTIONS, CALL OKAPI PARTNERS AT (855) 208-8902 | www.refreshcampbells.com • How To Vote VOTE THE INDEPENDENT SLATE FOR A BETTER CAMPBELL VOTE THE WHITE CARD Reject Campbell’s Stale Arguments and Can the Company’s Card FOR QUESTIONS, CALL OKAPI PARTNERS AT (855) 208-8902 | www.refreshcampb