Activist investor Daniel Loeb’s hedge fund Third Point is looking to replace Campbell Soup’s entire board, The Wall Street Journal reported Thursday, citing people familiar with the matter.
The Journal reported that the hedge fund found the company’s plan to sell some units underwhelming and believes a fresh slate of directors would put all options for Campbell back on the table. The newspaper reported that Third Point’s proposed slate of directors could come as soon as this week, though the deadline to nominate directors is Sept. 16.
While activists often pursue seats on a company’s board, it is unusual to replace all of the directors.
Under Campbell’s current structure, any deal to sell assets would require approval from the descendants of John P. Dorrance. The family currently holds three seats on the board.
Third Point has one descendant, George Strawbridge Jr., in its corner, the Journal reported.
This story is developing. Please check back for updates.
