Campbell Soup Co. agreed to add marketing industry executive Sarah Hofstetter and two other people to its board, resolving what had become an acrimonious battle between the soup maker and major shareholder Third Point.
Dan Loeb's Third Point has been pushing for changes at Campbell for months. Over the summer, Third Point suggested Campbell be sold. Then, it suggested replacing the food marketer's current board of directors with its own slate of a dozen nominees, including Hofstetter and Endeavor CMO Bozoma Saint John. It outlined the plan in marketing materials that included a long-form video. Third Point later scaled back its plan, suggesting Campbell name five of its proposed nominees to the board. Meanwhile, Campbell was telling shareholders to stick with the current board, which also had support from descendants of the company's founder. The matter was set to be settled with a shareholder vote on Nov. 29.
The deal announced Monday includes having Campbell increase the size of its board to 14 members from 12 after its shareholder meeting on Nov. 29. Campbell also agreed to add a third director by the time of a board meeting in May 2019, in consultation with Third Point. The moves are in line with plans reported by the Wall Street Journal on Sunday when the newspaper reported Campbell and Third Point were close to a resolution.