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.
More articles on business:
Moody’s downgrades Ford’s credit rating to nearly junk bond status
Amazon stock hits $2K for first time
Apple purchases augmented-reality glasses startup
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
