Dan Loeb slams Campbell Soup with video

Food company Campbell Soup
is attacked in wild video.
YouTube/Third Point LLC

• Third Point Management, the hedge fund owned by
  billionaire Dan Loeb, released a new video that attacks
  
  Campbell Soup and urges the company to completely overhaul
  its board and management
  team. 
• 
  Third Point Management
  owns an 8% stake in Campbell.
  
• 
  In the video, Third
  Point blames the leadership team for
  the “incredible destruction” of the
  company.
  

Activist investor Dan Loeb has ramped up his crusade to turn
around Campbell Soup with a wild new
video that calls for a complete overhaul of the company’s
board and management team. 

The video, created by Loeb’s hedge fund, Third Point Management,
which owns an 8% stake in Campbell, begins with the food
company’s signature jingle “Mmm Mmm Good,” which then turns to
“Mmm Mmm Bad.”

It goes on to criticize the company’s board and former CEO,
Denise Morrison, who retired in May.

“One of America’s most iconic brands being left behind by
failed leaders who punished shareholders’ loyalty,” the video
says. 

It continues: “One dollar invested 20 years ago in the
S&P 500 would be worth $4.06 today. $1 invested 20 years ago
in the S&P 500 consumer staples index would be worth $4.37
today. But, $1 invested 20 years ago in Campbell would be only
worth $1.19.”

For the first five years of Morrison’s tenure, shares
soared by more than 100%. But after peaking in July
2016, the company faced years of disappointing sales, and
its share price lost 40% of its value before Morrison stepped
down in May. 

Third Point is now calling for a complete overhaul of the
board and management team, which it blames
for this “incredible destruction.”

“It’s time to empty the can, refresh the recipe, and restore
shareholder value,” it says in the video.

Watch the full video below: