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