The Dorrance family, who own 40% of the company’s shares, is opposed to any changes to its operations. Third Point,
Which owns around 7% of Campbell’s shares and is managed by hedge fund manager Daniel Loeb, has been frantically attempting to persuade.
Campbell’s to implement a number of changes, such as moving away from the recognizable red and white cans and switching the brand from recipes to logos.
In an open letter, Loeb accused the corporation of “waste, ill-conceived strategy, and inept execution” and sued them for mismanagement when the family failed to make any changes.
