#Denise Dorrance

[urbaneturtle]

COMIC REVIEW: Pasts remembered and forgotten in Denise Dorrance's graphic memoir POLAR VORTEX

New on Urbane Turtle: A review of the new graphic memoir POLAR VORTEX by Denise Dorrance.

What are we, without our memories? The past defines us, but it is not guaranteed to be with us forever. But even without those memories, our actions echo outward, the person we were defining the lives of others in ways large and small. In Polar Vortex: A Family Memoir, cartoonist Denise Dorrance tells the story of caring for her aging mother after a dramatic fall, and the emotional and…

[librarycomic]

Polar Vortex: A Family Memoir by Denise Dorrance. The Experiment, 2024. 9781615199051. 256pp.

Dorrance's graphic memoir opens with her trying to call her elderly mother, who lives alone on a quiet street in Iowa. After an email arrives from an Aging Services rep who went to speak with her mother, saying she didn't answer the door, Dorrance panics. And that's good because her mom was on the floor, conscious but confused. Is it possible her mother has dementia? Dorrance hops on a plane in the UK and heads home to find out.

Things in Iowa are not great. Her mom is in the hospital and seems super fragile, not to mention forgetful. The city is covered in snow. And Death starts visiting Dorrance to chat about her mom. (It's probably no surprise that her mother's health insurance coverage becomes a source of more fear than Death; I laughed out loud when this created what was, for me, the most hilarious moment in the book.)

My grandmother had dementia at the end of her life, and Dorrance's mother's lost expression as she continued to ask about her missing purse reminded me of the final five years of my grandmother's life. This book shattered me. There's a clarity to its art and layouts that make it a stunning example of what comics can do; the story moved backward and forward in time and yet never lost me. I loved the use of art from old postcards, and the ending is perfect.

[downthetubes]

Counting Down: Myriad First Graphic Novel Competition Winner to be announced at #LicafLive

Counting Down: Myriad First Graphic Novel Competition Winner to be announced at #LicafLive

The winner of the Myriad First Graphic Novel Competition will be announced during #LicafLive, this year’s free online Lakes International Comic Art Festival, taking place this weekend.

The announcement will be made at 3.00pm on Sunday 11th October, as part of three days of celebrating the comics form, normally taking place in Kendal each year but moved online this year in response to the…

[spicynbachili2]

Third Point sues Campbell Soup, accusing it of misleading investors

Activist investor Third Level sued Campbell Soup on Thursday, alleging the soup and snack maker’s board misled buyers in regards to the competence of its administrators and the best way it carried out a not too long ago accomplished strategic assessment.

The lawsuit is the most recent transfer in a bitter proxy contest by which billionaire investor Dan Loeb and his Third Level hedge fund desires to switch Campbell’s 12-member board so it could possibly appoint its personal administrators and attempt to revitalize the corporate’s development.

In a lawsuit filed in state superior court docket in Camden, New Jersey, which is Campbell’s residence city, Third Level stated Campbell and its board “breached their fiduciary duties to Campbell’s stockholders by withholding materials data vital to stockholders assessing the right way to vote on the firm’s annual assembly.”

It requested the court docket to forestall Campbell from holding its annual assembly on Nov. 29 till the board corrects what Third Level known as its misstatements.

Three heirs of condensed soup inventor John Dorrance, who ran the corporate a century in the past, sit on the board and are looking for re-election. Collectively they management 37 p.c of Campbell’s inventory. Third Level has requested the court docket to postpone shareholders’ votes on the board till the corporate corrects what Third Level described as misinformation by the board.

The lawsuit says the corporate did not disclose vital details about its administrators, together with Dorrance’s grandchild Bennett Dorrance. It accused the corporate of not making adequately clear what Dorrance’s enterprise ventures and investments have been, amongst different issues.

Dorrance didn’t instantly reply to a phone message looking for remark.

Earlier on Thursday, Campbell’s board chairman wrote a letter to buyers saying that Third Level’s proposed administrators weren’t certified to supervise the corporate and that Third Level had not introduced any new concepts or particular strategic plan.

“Third Level has, at finest, a superficial understanding of the meals trade and the corporate, as evidenced by its non-substantive plan full of platitudes and enterprise college buzzwords,” the letter to shareholders stated.

Such lawsuits will not be unusual in proxy battles as either side search each benefit. Third Level stated within the swimsuit that it wants the court docket’s assist to wage a “significant proxy contest” and for buyers to make totally knowledgeable choices.

Third Level says in its lawsuit that shareholders shouldn’t have sufficient data to evaluate the corporate’s strategic plans, which incorporates promoting some divisions and discovering a everlasting chief govt to switch Denise Morrison who left in Could.

“With out additional details about its strategic plan that the board has withheld, and that’s unknowable to stockholders with out additional disclosure, the Nov. 29 director election can be a sham,” the lawsuit stated.

Third Level additionally stated that buyers are at midnight in regards to the new CEO choice course of.

from SpicyNBAChili.com https://www.spicynbachili.com/third-point-sues-campbell-soup-accusing-it-of-misleading-investors/

[thecraggus]

Maze Runner: The Death Cure (2018) Review

The Maze Runner struggles to avoid being corny. The Death Cure (2018) #Review

Starting with a train heist which plays out like Disney sinking all their money into a live-action remake of “Toy Story 3”, the third and final instalment of “The Maze Runner” trilogy starts with enough energy and inventiveness that it almost makes you forget it’s been three years since “The Scorch Trials”, thanks to an unfortunate accident during production which nearly cost star Dylan O’Brien…

[brokenfrontier]

Shortlist Announced for the Myriad First Graphic Novel Competition 2020

Shortlist Announced for the Myriad First Graphic Novel Competition 2020

Online voyeurism, risky sex, dementia, suicide, racism, murder and selling the earth: topical and contemporary issues dominate the shortlist for Myriad’s First Graphic Novel Competition and show that the graphic novel is very much alive and kicking in Lockdown 2020.

Works by Denise Dorrance, Ed Firth, Veronika Muchitsch, Pete Shearn, Pietro Soldi, Anthony Smith & Tobias Taitt, and Myfanwy…

[thisjustinternet]

The 55 Women who made The 2018 Forbes 400

https://www.forbes.com/forbes-400/#2e6ac82a7e2f

12. Alice Walton – $44.9 B Walmart 18. Jacqueline Mars – $24 B candy, pet food 20. Laurene Powell Jobs & family – $20.5 B Apple, Disney 28. Abigail Johnson – $17.3 B money management 52. Blair Parry-Okeden – $9.3 B media, automotive 64. Pauline MacMillan Keinath – $7.8 B Cargill 70. Christy Walton – $7.2 B Walmart 76. Diane Hendricks – $6.8 B roofing 83. Ann Walton Kroenke – $6.5 B Walmart 88. Dannine Avara – $6.2 B pipelines 88. Milane Frantz – $6.2 B pipelines 88. Katharine Rayner – $6.2 B media, automotive 88. Margaretta Taylor – $6.2 B media, automotive 88. Randa Williams – $6.2 B pipelines 98. Marijke Mars – $6 B candy, pet food 98. Pamela Mars – $6 B candy, pet food 98. Valerie Mars – $6 B candy, pet food 98. Victoria Mars – $6 B candy, pet food 109. Nancy Walton Laurie – $5.7 B Walmart 114. Ronda Stryker – $5.6 B medical equipment 118. Martha Ingram & family – $5.5 B book distribution, transportation 133. Karen Pritzker – $5.1 B hotels, investments 136. Gwendolyn Sontheim Meyer – $4.9 B Cargill 150. Tamara Gustavson – $4.6 B self storage 153. Dagmar Dolby & family – $4.5 B Dolby Laboratories 153. Marianne Liebmann – $4.5 B Cargill 179. Marian Ilitch – $4 B Little Caesars 190. Elizabeth Johnson – $3.9 B money management 223. Judy Faulkner – $3.5 B health IT 223. Helen Johnson-Leipold – $3.5 B cleaning products 223. Winifred Johnson-Marquart – $3.5 B cleaning products 239. Jane Goldman – $3.3 B real estate 239. Amy Goldman Fowler – $3.3 B real estate 239. Diane Kemper – $3.3 B real estate 239. Lynn Schusterman – $3.3 B oil & gas, investments 239. Meg Whitman – $3.3 B eBay 251. Jean (Gigi) Pritzker – $3.2 B hotels, investments 259. Johnelle Hunt – $3.1 B trucking 259. Mary Alice Dorrance Malone – $3.1 B Campbell Soup 271. Lynsi Snyder – $3 B In-N-Out Burger 280. Jane Lauder – $2.9 B cosmetics 298. Gayle Benson – $2.8 B pro sports teams 298. Oprah Winfrey – $2.8 B TV shows 302. Doris Fisher – $2.7 B Gap 302. Penny Pritzker – $2.7 B hotels, investments 316. Anita Zucker – $2.6 B chemicals 328. Denise York – $2.5 B San Francisco 49ers 354. Thai Lee – $2.3 B IT provider 354. Pat Stryker – $2.3 B medical equipment 368. Aerin Lauder – $2.2 B cosmetics 368. Elaine Wynn – $2.2 B casinos, hotels 383. Alexandra Daitch – $2.1 B Cargill 383. Sarah MacMillan – $2.1 B Cargill 383. Lucy Stitzer – $2.1 B Cargill 383. Katherine Tanner – $2.1 B Cargill

[todaynewsstories]

Campbell, Third Point urge shareholders to vote for two different boards

(Reuters) – Campbell Soup Co (CPB.N) and hedge fund Third Point LLC on Friday filed preliminary proxy materials urging the food company’s shareholders to vote in favor of two entirely different slates of board nominees.

FILE PHOTO: Tins of Campbell’s tomato soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. REUTERS/Chris Helgren/File Photo

Third Point, run by billionaire investor Daniel Loeb, launched a proxy fight last week to replace Campbell’s 12-member board. Loeb’s $18 billion hedge fund, which owns a 5.65 percent stake, said at the time that the soup-maker was in a “mess” and faulted its board for failing to take corrective action.

His move came a week after Campbell announced the results of a broad strategic review and said it would sell its international and fresh refrigerated-foods units.

Third Point’s 12-person slate includes William Toler, former chief executive of Hostess Brands, Munib Islam, a partner at Third Point, and George Strawbridge, a grandchild of chemist John Dorrance who invented condensed soup and ran Campbell nearly a century ago.

Campbell, which is pushing for its board to remain intact, said it did not endorse any of Third Point’s board nominees. Two other Dorrance grandchildren and a great grandchild currently sit on the board, and own a sizable stake in the company.(bit.ly/2NawBER)

The current composition of the board reflects an appropriate mix of experience and qualifications that are relevant to the business and governance of Campbell, the company said. Campbell laid out a detailed analysis of its board members’ skill-sets and qualities in its filing, which included details on their experience in leadership, M&A and the consumer goods industry.

Third Point said the Campbell board’s failure to have a functioning chief executive succession plan in place following Chief Executive Denise Morrison’s exit in May was “a reflection of its inability to conduct one of the most essential duties of any board of directors.” (bit.ly/2Mu2gM5)

The 149-year-old company, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Reporting by Richa Naidu in Chicago, Svea Herbst-Bayliss in Boston and Saumya Sibi Joseph in Bengaluru; Editing by Shailesh Kuber

Our Standards:The Thomson Reuters Trust Principles.

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[newsintodays-blog]

Exclusive: Campbell Soup steps up CEO search, COO a contender - sources

New Post has been published on https://newsintoday.info/2018/09/09/exclusive-campbell-soup-steps-up-ceo-search-coo-a-contender-sources/

Exclusive: Campbell Soup steps up CEO search, COO a contender - sources

(Reuters) – Campbell Soup Co’s (CPB.N) board is drawing up a list of CEO candidates, with Chief Operating Officer Luca Mignini emerging as the top internal contender, as the company seeks to fend off a proxy challenge from Daniel Loeb’s hedge fund, Third Point LLC, people familiar with the matter said.

FILE PHOTO: Tins of Campbell’s tomato soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. REUTERS/Chris Helgren/File Photo

Third Point unveiled a slate of nominees on Friday to replace Campbell’s 12-member board, pushing it to more actively explore a sale and criticizing its lack of a succession plan after Chief Executive Denise Morrison left in May. Morrison’s departure came after several years of weak corporate earnings.

Campbell board member Keith McLoughlin, who has served as interim CEO following Morrison’s departure, has said he is not interested in having the job on a permanent basis.

That has added to pressure on Campbell to find a leader who will help it execute its ambitious turnaround plan, which it unveiled last month. Despite Morrison’s exit almost four months ago, the board has only recently taken formal steps to look externally for a new CEO, according to the sources.

Mignini, 55, joined Campbell five years ago and was promoted in April to be its COO, putting the Italian-educated executive in charge of the U.S. company’s snack and meal businesses, in addition to U.S. sales and global development. Morrison also held the COO position before she took the top job in 2011.

Investors who met with McLoughlin and Campbell Chief Financial Officer Anthony DiSilvestro in recent days told Reuters that Mignini joined the meetings, in a sign the company was seeking to raise his profile. Mignini did not usually attend such meetings in the past, the investors said.

The board is also preparing to interview candidates from outside the company for the CEO position, although nobody external has been contacted yet, according to one of the people familiar with the arrangements.

Campbell’s board, which includes three heirs of John Dorrance, the chemist who invented condensed soup and ran the company nearly a century ago, will review a list of external candidates at its next meeting at the end of September, the source added.

The sources asked not to be identified because the deliberations are confidential. A Campbell spokesman declined to comment on whether Mignini was the top internal candidate and said the board had been working with executive-search firms to assess both internal and external candidates. Third Point declined to comment.

Third Point’s board challenge could complicate the CEO selection process, given that shareholders could choose to replace board members who will be making that decision, in a vote that could be scheduled as early as November. The turmoil could discourage some of the consumer industry’s top executives from applying, the sources said.

Third Point faces an uphill struggle in any battle for control of Campbell Soup, given that descendants of Dorrance own a combined stake of about 42 percent in the company. A board challenge could ratchet up pressure on Campbell, however, to explore a sale with more urgency.

EXTERNAL CANDIDATES

Third Point, which manages $18 billion in assets, has played a role in bringing new CEOs to several companies, including Jose Almeida to Baxter International Inc (BAX.N), Tad Smith to Sotheby’s (BID.N), and Marissa Mayer to Yahoo.

One external CEO candidate Campbell Soup’s board is expected to consider is Mark Clouse, the chief executive of Pinnacle Foods Inc (PF.N), who will soon be without a full-time job after his company agreed in June to sell itself to ConAgra Brands Inc (CAG.N) for $8.1 billion.

Clouse, 49, is an industry veteran, having also held senior positions at Oreo-maker Mondelez International Inc (MDLZ.O) and Kraft Foods Inc. It is not clear if Clouse would be interested in the role. He could not be reached for comment.

Campbell said on Aug. 30 it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale in the future, snubbing a call from Third Point to do so urgently.

The 149-year-old company, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Campbell’s latest foray into fresh food has faltered, while Wall Street has questioned an acquisition strategy that increased debt at the same time as costs increased.

Reporting by Richa Naidu in Chicago and Svea Herbst-Bayliss in Boston; Editing by Peter Cooney

Our Standards:The Thomson Reuters Trust Principles.

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[emmanuelucc]

VOICES AND INSTRUMENTS WANTED

It’s summer and time for our choirs to be on vacation. But that doesn’t mean that we want a vacation from music. Anyone who will sing, play an instrument or (if you’re really talented) do both, is welcome to pick a Sunday to make a joyful noise to our God. Please see Denise Dean so we can fill the air with music on Sunday mornings.

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from Emmanuel UCC – WELCOME – Dorrance https://ift.tt/2tKaskN

[janavanderhoek]

[newsintodays-blog]

Exclusive: Third Point seeks to tap Campbell Soup board challengers - sources

New Post has been published on https://newsintoday.info/2018/09/01/exclusive-third-point-seeks-to-tap-campbell-soup-board-challengers-sources-2/

Exclusive: Third Point seeks to tap Campbell Soup board challengers - sources

(Reuters) – Activist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s board of directors, according to people familiar with the matter.

The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid

Third Point, which holds a 5.65 percent stake and has been pushing for a sale of Campbell Soup, is not convinced the company has adequately explored that option, the sources said.

On Thursday, Campbell Soup said it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale down the line, as it focuses on improving its operational performance.

Food industry veteran Douglas Conant, who was chief executive officer of Campbell Soup for a decade until 2011, and William Perez, a former CEO at Wm. Wrigley Jr. Company who also previously served on Campbell Soup’s board, are among the people Loeb is holding discussions with, the sources said.

Third Point is hoping it can replace the entirety of Campbell Soup’s 12-member board, the sources said. The hedge fund is expected to finalize its slate in the next two weeks, before a mid-September deadline for board director nominations, according to the sources.

The sources asked not to be identified because the matter is confidential. Third Point declined to comment, while Conant and Perez could not be immediately reached for comment.

The company said it does not comment on rumors or speculation and said it considered all options in its now-completed strategic review. “The Board remains open and committed to evaluating all strategic options to enhance value in the future,” the company said in a statement.

Campbell Soup shares rose as much as 1.7 percent on Friday and were up 0.7 percent at $39.42 in afternoon trade, giving the company a market value of $11.9 billion.

“We believe investors are pinning their hopes on Third Point taking a more aggressive activist campaign against the company and the board,” Stifel analysts wrote in a research note on Thursday. “Investors should brace for a likely proxy campaign against the board.”

Loeb, who runs the $18 billion Third Point hedge fund, has not commented publicly on his next move after announcing in early August that he views a sale of the 149-year-old maker of soups and snacks as “the only justifiable outcome” of the review.

FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo

He faces an uphill struggle in any battle for control of Campbell Soup, given that descendants of former Campbell Soup Chairman John Dorrance own a combined stake of about 42 percent in the company. However, a board challenge could ratchet up pressure on Campbell Soup to explore a sale more actively.

Loeb could also nominate George Strawbridge, a Dorrance grandchild who is now working with Loeb and is calling for a sale, as a director, according to the sources. Strawbridge could not be reached for comment.

Two other Dorrance grandchildren, Mary Alice Malone and Bennett Dorrance, as well as great-grandson Archbold van Beuren, currently sit on Campbell Soup’s board. Other directors, including Randall Larrimore and Les Vinney, have served since the early 2000s.

“Loeb will want fresh perspectives from people he can trust,” said Damien Park, a managing director at Spotlight Advisors, which often advises companies being targeted by activists.

It is not clear who could buy Campbell Soup at this stage. Kraft Heinz Co has considered an acquisition of Campbell in the past, sources have told Reuters, but there is no sign that the company has made a new approach.

A MORE DISCIPLINED INVESTOR

    Once known as one of Wall Street’s toughest rabble rousers who relished writing humiliating letters to chief executives, Loeb has recently toned down the rhetoric, maturing into a more disciplined investor, say investors who know him.

The last time Loeb ran a proxy contest to challenge a board was at Sotheby’s, the art auction house. He settled for three Sotheby’s board seats four years ago, joining the Sotheby’s board himself.

To stay relevant and continue putting up top performance numbers in his fund – he has delivered an average annual return of 18.3 percent – Loeb has tried new approaches and branching out his business, investors said.

Campbell Soup, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Denise Morrison stepped down as CEO abruptly in May after a string of poor results. That same day, the company announced its sweeping review and named Keith McLoughlin as interim CEO. McLoughlin said on Thursday the search for a permanent CEO is continuing.

Reporting by Svea Herbst-Bayliss in Boston and Greg Roumeliotis in New York; additional reporting by Harry Brumpton in New York; editing by Leslie Adler

Our Standards:The Thomson Reuters Trust Principles.

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[todaynewsstories]

Exclusive: Third Point seeks to tap Campbell Soup board challengers – sources

(Reuters) – Activist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s (CPB.N) board of directors, according to people familiar with the matter.

The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid

Third Point, which holds a 5.65 percent stake and has been pushing for a sale of Campbell Soup, is not convinced the company has adequately explored that option, the sources said. On Thursday, Campbell Soup said it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale down the line.

Food industry veteran Douglas Conant, who was chief executive officer of Campbell for a decade until 2011, and William Perez, a former CEO at Wm. Wrigley Jr. Company who also previously served on the Campbell board, are among the people Loeb is holding discussions with, the sources said.

It is not clear how many nominees Third Point will select to challenge Campbell Soup’s board. The hedge fund is expected to finalize its slate in the next two weeks, before a mid-September deadline for board director nominations, according to the sources.

The sources asked not to be identified because the matter is confidential. Third Point declined to comment, while Conant and Perez could not be immediately reached for comment.

The company said it does not comment on rumors or speculation and said it considered all options in its now-completed strategic review. “The Board remains open and committed to evaluating all strategic options to enhance value in the future,” the company said in a statement.

Loeb, who runs the $18 billion Third Point hedge fund, has not commented publicly on his next move after announcing in early August that he views a sale of the 149-year-old maker of soups and snacks as “the only justifiable outcome” of the review.

He faces an uphill struggle in any battle for control of Campbell Soup, given that descendants of former Campbell Soup Chairman John Dorrance own a combined stake of about 42 percent in the company. However, a board challenge could ratchet up pressure on Campbell Soup to explore a sale more actively.

Loeb could also nominate George Strawbridge, a Dorrance grandchild who is now working with Loeb and is calling for a sale, as a director, according to the sources. Strawbridge could not be reached for comment.

Two other Dorrance grandchildren, Mary Alice Malone and Bennett Dorrance, as well as great-grandson Archbold van Beuren, currently sit on the 12-member board. Other directors, including Randall Larrimore and Les Vinney, have served since the early 2000s.

“Loeb will want fresh perspectives from people he can trust,” said Damien Park, a managing director at Spotlight Advisors, which often advises companies being targeted by activists.

It is not clear who could buy Campbell Soup at this stage. Kraft Heinz Co (KHC.O) has considered an acquisition of Campbell in the past, sources have told Reuters, but there is no sign that the company has made a new approach.

A MORE DISCIPLINED INVESTOR

    Once known as one of Wall Street’s toughest rabble rousers who relished writing humiliating letters to chief executives, Loeb has recently toned down the rhetoric, maturing into a more disciplined investor, say investors who know him.

The last time Loeb ran a proxy contest to challenge a board was at Sotheby’s, the art auction house. He settled for three Sotheby’s (BID.N) board seats four years ago, joining the Sotheby’s board himself.

To stay relevant and continue putting up top performance numbers in his fund, — he’s delivered an average annual return of 18.3 percent — Loeb has tried new approaches and branching out his business, investors said.

Campbell Soup, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Denise Morrison stepped down as CEO abruptly in May after a string of poor results. That same day, the company announced its sweeping review and named Keith McLoughlin as interim CEO. McLoughlin said on Thursday the search for a permanent CEO is continuing.

Reporting by Svea Herbst-Bayliss in Boston and Greg Roumeliotis in New York; Additional reporting by Harry Brumpton in New York; Editing by Leslie Adler

Our Standards:The Thomson Reuters Trust Principles.

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The post Exclusive: Third Point seeks to tap Campbell Soup board challengers – sources appeared first on Today News Stories.

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[newsintodays-blog]

Exclusive: Third Point seeks to tap Campbell Soup board challengers - sources

New Post has been published on http://newsintoday.info/2018/08/31/exclusive-third-point-seeks-to-tap-campbell-soup-board-challengers-sources/

Exclusive: Third Point seeks to tap Campbell Soup board challengers - sources

(Reuters) – Activist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s (CPB.N) board of directors, according to people familiar with the matter.

The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid

Third Point, which holds a 5.65 percent stake and has been pushing for a sale of Campbell Soup, is not convinced the company has adequately explored that option, the sources said. On Thursday, Campbell Soup said it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale down the line.

Food industry veteran Douglas Conant, who was chief executive officer of Campbell for a decade until 2011, and William Perez, a former CEO at Wm. Wrigley Jr. Company who also previously served on the Campbell board, are among the people Loeb is holding discussions with, the sources said.

It is not clear how many nominees Third Point will select to challenge Campbell Soup’s board. The hedge fund is expected to finalize its slate in the next two weeks, before a mid-September deadline for board director nominations, according to the sources.

The sources asked not to be identified because the matter is confidential. Third Point declined to comment, while Conant and Perez could not be immediately reached for comment.

The company said it does not comment on rumors or speculation and said it considered all options in its now-completed strategic review. “The Board remains open and committed to evaluating all strategic options to enhance value in the future,” the company said in a statement.

Loeb, who runs the $18 billion Third Point hedge fund, has not commented publicly on his next move after announcing in early August that he views a sale of the 149-year-old maker of soups and snacks as “the only justifiable outcome” of the review.

He faces an uphill struggle in any battle for control of Campbell Soup, given that descendants of former Campbell Soup Chairman John Dorrance own a combined stake of about 42 percent in the company. However, a board challenge could ratchet up pressure on Campbell Soup to explore a sale more actively.

Loeb could also nominate George Strawbridge, a Dorrance grandchild who is now working with Loeb and is calling for a sale, as a director, according to the sources. Strawbridge could not be reached for comment.

Two other Dorrance grandchildren, Mary Alice Malone and Bennett Dorrance, as well as great-grandson Archbold van Beuren, currently sit on the 12-member board. Other directors, including Randall Larrimore and Les Vinney, have served since the early 2000s.

“Loeb will want fresh perspectives from people he can trust,” said Damien Park, a managing director at Spotlight Advisors, which often advises companies being targeted by activists.

It is not clear who could buy Campbell Soup at this stage. Kraft Heinz Co (KHC.O) has considered an acquisition of Campbell in the past, sources have told Reuters, but there is no sign that the company has made a new approach.

A MORE DISCIPLINED INVESTOR

    Once known as one of Wall Street’s toughest rabble rousers who relished writing humiliating letters to chief executives, Loeb has recently toned down the rhetoric, maturing into a more disciplined investor, say investors who know him.

The last time Loeb ran a proxy contest to challenge a board was at Sotheby’s, the art auction house. He settled for three Sotheby’s (BID.N) board seats four years ago, joining the Sotheby’s board himself.

To stay relevant and continue putting up top performance numbers in his fund, — he’s delivered an average annual return of 18.3 percent — Loeb has tried new approaches and branching out his business, investors said.

Campbell Soup, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies.

Denise Morrison stepped down as CEO abruptly in May after a string of poor results. That same day, the company announced its sweeping review and named Keith McLoughlin as interim CEO. McLoughlin said on Thursday the search for a permanent CEO is continuing.

Reporting by Svea Herbst-Bayliss in Boston and Greg Roumeliotis in New York; Additional reporting by Harry Brumpton in New York; Editing by Leslie Adler

Our Standards:The Thomson Reuters Trust Principles.

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[todaynewsstories]

Campbell Soup to sell units, leaves open option of complete sale

(Reuters) – Campbell Soup Co (CPB.N) said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from hedge fund investors.

FILE PHOTO: Tins of Campbell’s Tomato Soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. REUTERS/Chris Helgren/File Photo

It is not clear if the plan will appease activist investor Dan Loeb, whose Third Point LLC hedge fund announced a 5.65 percent stake on Aug. 9 and immediately pressed for a sale of the entire company to a competitor as “the only justifiable outcome.”

Loeb could escalate his attack and nominate a slate of directors within the next few weeks to be voted on at Campbell’s annual meeting later this year, sources familiar with the matter told Reuters this week.

The board kept alive the possibility of an outright sale, saying it “remains open and committed to evaluating all strategic options to enhance value in the future.”

Shares of Campbell, which has a market value of about $12 billion, fell 4 percent in pre-market trading.

Alongside the results of its review, which was started in May, Campbell forecast adjusted earnings per share of between $2.45 and $2.53 for fiscal 2019, below Wall Street’s average estimate of $2.69, according to Thomson Reuters I/B/E/S.

The 149-year-old company, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to rein in costs and attract young consumers to its namesake soups and Pepperidge Farm cookies. Its shares have fallen by a third over the past two years.

On Thursday it said it was increasing its cost savings target by $150 million to $945 million by the end of fiscal 2022.

NEW STRATEGY

Retreating from smaller international and fresh-food businesses marks a change from the strategy of former Chief Executive Denise Morrison, who wanted Campbell to have a diverse portfolio with a focus on health and well-being.

Morrison stepped down abruptly in May after a string of poor results. On the same day, the company announced a sweeping review of its portfolio and board member Keith McLoughlin was named interim CEO.

The proposed unit sales may make Campbell a more attractive takeover target as it turns its focus back to its core soup and salty snacks businesses, the pillars of the company.

The two businesses put up for sale currently bring in about $2.1 billion in annual sales, about a quarter of Campbell’s overall revenue.

Campbell International includes Australian biscuits brand Arnott’s and the Kelsen Group, along with the company’s manufacturing operations in Indonesia and Malaysia and its businesses in Hong Kong and Japan.

Campbell Fresh includes Bolthouse Farms, Garden Fresh Gourmet and the company’s refrigerated soup business.

The company has hired Goldman Sachs Group Inc (GS.N) and Centerview Partners to sell the units.

Under Morrison, the company arranged its products into three parts in 2015, setting up the new Campbell Fresh business. The unit was meant to tap into consumers’ booming appetite for healthier foods but the business struggled, resulting in a two-year decline in organic sales.

Campbell had already moved to rationalize its business. In April, the Camden, New Jersey-based company reorganized, putting its core businesses under new Chief Operating Officer Luca Mignini.

Historically, the company has resisted big changes, being effectively controlled by the heirs of John Dorrance, the chemist who invented condensed soup and went on to run the company a century ago.

Dorrance’s grandchildren Mary Alice Malone, who raises horses in Pennsylvania, and her brother Bennett Dorrance, a real estate developer in Arizona, between them control 33 percent of Campbell’s shares. They have fended off periodic calls over three decades for the company to sell itself.

In the past, the family has been able to rely on supportive, long-term shareholders. But in the past few months – most notably in the second quarter of 2018, when the company announced its review – a number of hedge fund investors have bought positions and are looking for more sweeping measures, including a sale.

Reporting by Harry Brumpton and Aishwarya Venugopal; Editing by Bill Rigby and Patrick Graham

Our Standards:The Thomson Reuters Trust Principles.

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[todaynewsstories]

Proxy fight looms as new investors ramp up pressure on Campbell Soup

BOSTON/CHICAGO (Reuters) – The family that controls Campbell Soup Co (CPB.N) looks to be on a collision course this week with new hedge fund investors pushing for the company to sell itself, heralding a potential proxy fight industry analysts have labeled the “fight of the fall.”

FILE PHOTO: Tins of Campbell’s Tomato Soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. REUTERS/Chris Helgren/File Photo

The soup and snack company is set to report the results of a strategic review on Thursday, but has shown no sign that it will put itself on the block, as recommended by activist investor Daniel Loeb’s Third Point LLC earlier this month.

If no sale process is planned, Loeb could escalate his attack and nominate a slate of directors within the next few weeks to be voted on at Campbell’s annual meeting later this year, according to sources familiar with the matter.

Loeb and Campbell Soup, which has a market value of about $12 billion, declined comment.

The Camden, New Jersey-based company has been struggling with falling profit as younger consumers drift away from Campbell’s namesake soups and Pepperidge Farm cookies. Its share price is down by a third over the past two years.

Wall Street has questioned the success of its acquisitions of juice and smoothie maker Bolthouse Farms and salty snack maker Snyder’s-Lance. Chief Executive Denise Morrison, who headed Campbell for seven years, left as the company announced poor quarterly results on May 18.

On that day, the company said it would conduct a review of all its business plans and portfolio of brands to find ways to improve its financial performance.

“Everything is on the table. There are no sacred cows,” Chief Financial Officer Anthony DiSilvestro told investors at the time. The result of the review will be announced on Thursday.

Historically, the company has resisted bigger changes, being effectively controlled by the heirs of John Dorrance, the chemist who invented condensed soup and went on to run the company a century ago.

Dorrance’s grandchildren Mary Alice Malone, who raises horses in Pennsylvania, and her brother Bennett Dorrance, a real estate developer in Arizona, have fended off periodic calls over three decades for the company to sell itself, and have shown no sign of changing their minds this year.

Malone and Dorrance, who between them control 33 percent of Campbell’s shares, could not be reached for comment.

Archbold van Beuren, John Dorrance’s great-grandson who is Campbell’s third-biggest holder with 8.6 percent of its shares, also could not be reached for comment.

In the past, the family has been able to rely on supportive, long-term shareholders. But in the past few months – most notably in the second quarter of 2018, when the company announced its wide-ranging review – a number of hedge fund investors have bought positions and are looking for more sweeping measures, including a sale.

“Everyone’s dream is for the company to give up looking for a permanent CEO and put the company up for sale,” said one investor not permitted to speak publicly. If that does not happen, the investor said the best course would be for the company to sell Bolthouse Farms, name a new CEO, and talk with Loeb “about putting two or three new people on the board.”

NEW HEDGE FUND HOLDERS

Steven Schonfeld’s Schonfeld Group Holdings and Jamie Zimmerman’s Litespeed Management made big new purchases of Campbell Soup shares during the second quarter, filings show. Och-Ziff, now known as OZ Management, and Hudson Bay Capital Management also bought shares. The hedge funds declined to comment.

“There has clearly been a lot of crowding into Campbell stock by event-driven investors” seeking to make money off share price moves around corporate events like a sale, said Simnan Abbas, a managing director at investment data firm Symmetric.io. That crowding “does not happen all the time and has changed the makeup of the shareholder base pretty significantly.”

Campbell’s new hedge fund investors are likely allies for Loeb, who in August joined forces with another of Dorrance’s grandchildren, George Strawbridge Jr., in calling for a sale.

Loeb’s $18 billion fund is now Campbell’s fifth-largest investor. It and Strawbridge between them hold 8.4 percent of Campbell’s shares.

Despite the increased pressure for change, Campbell’s board shows little sign of shifting course dramatically. It recently turned away at least one company that approached it about buying parts of its portfolio, a person familiar with the matter said. It has, however, weighed selling off brands including its Arnott’s Australian cookie business, another person familiar with the matter said.

As hedge fund investors move in, longstanding shareholders such as trust company Bessemer Trust and mutual fund company Fidelity Investments have pared back their holdings, according to filings. Neither company would say why they cut their stakes.

That means Malone and Dorrance could face more demanding and outspoken investors at this year’s annual meeting, if not an outright proxy fight.

“This company has really slowed down since 2016 and I don’t see a major way for them to innovate quickly,” said investor David Dreman whose Dreman Value Management bought shares several years ago. “How can a company with a diversified product line in a low-growth industry turn itself around quickly?”

New investors make bets on Campbell in second quarter: tmsnrt.rs/2PNmJyr

Reporting by Svea Herbst-Bayliss and Richa Naidu; Additional reporting by Harry Brumpton; Editing by Vanessa O’Connell and Bill Rigby

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