US-based canned soup producer Campbell has reached an agreement to add two independent directors from Third Point to its board.
In order to accommodate the two directors, Campbell increased its board size from 12 to 14 members.
The two members who will be part of the board from Third Point are Comscore president Sarah Hofstetter and Blue Buffalo Company former director and CEO Kurt Schmidt.
Campbell interim president and CEO Keith McLoughlin said: “We are pleased to have reached an agreement with Third Point that is in the best interests of Campbell shareholders, and we look forward to welcoming both Sarah and Kurt to our Board of Directors.
“We will continue to maintain an active and productive dialogue with all of our shareholders, including Third Point, as we execute our strategic plan and build a stronger and more focused company that creates long-term value for shareholders.”
Additionally, Third Point will be providing input on the appointment of a third director, which is scheduled to take place at Campbell’s board meeting in May.
Third Point CEO Daniel Loeb said: “Third Point looks forward to working collaboratively with Campbell to improve value for all shareholders at this important time for the Company.
“We are confident that Campbell will find a world-class CEO who is given the necessary support to execute on the strategy to strengthen the Company, and that Sarah and Kurt will provide valuable perspectives to the Campbell Board.”
As part of the agreement, Third Point will also provide input on Campbell’s ongoing CEO search process. The selection of a permanent CEO will be made by the Campbell’s board of directors, including Hofstetter and Schmidt.
The settlement concludes a proxy battle lasting for several months. The $17bn hedge fund Third Point had been initially pushing for the sale of the company and later a complete overhaul of its board.
The hedge fund owns approximately 7% stake in the soup company.
