Campbell Soup plans to sell its international and fresh foods businesses amid a push to improve its operations, according to CNBC.
The 149-year-old condensed-soup maker is scaling back efforts by former CEO Denise Morrison to move into healthier and fresher foods. Instead, Campbell is refocusing on its packaged food staples.
Campbell's interim CEO, Keith McLoughlin, said the board considered a "full slate of strategic options, including optimizing the portfolio, divesting businesses, splitting the company, and pursuing a sale." The board ultimately decided to "focus the company on two core businesses in the North American market," according to CNBC.
The decision comes as activist investor Dan Loeb's Third Point hedge fund called for a sale of Campbell. Third Point has a 5.65 percent stake in the company. Mr. Loeb teamed up with shareholder George Strawbridge to push for a sale.
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