U.S. Markets close in 50 mins

[$$] Third Point trims Campbell board nominees in bid to end proxy war

Lindsay Fortado

In a bid to settle the fight before a scheduled November 29 vote, the fund said in a letter to Campbell’s Chairman Les Vinney on Friday it was opting to file a “short slate” after speaking with other shareholders. Third Point is nominating Bozoma Saint John, Sarah Hofstetter, Munib Islam, Kurt Schmidt and William Toler to the board. “We have heard three important points from investors during our meetings: they are certain change is necessary to reverse decades of underperformance and get Campbell back on track, they are convinced that Third Point and its nominees are highly qualified to serve on this board and compare favourably to the existing board members, and they would like to see a settlement of this proxy contest with meaningful representation on the board from the independent slate, but also believe continuity is a good thing,” the fund said.