Investor advisory firm ISS supports Third Point in battle for Campbell board seats [CNBC]
Campbell Soup Company (CPB)
Last campbell soup company earnings: 3/4 07:30 am
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Source: CNBC
In a blow to Campbell , investor advisory firm Institutional Shareholder Services came out in support Wednesday night of activist firm Third Point's efforts to put five of its nominees on the soup company board. In the ruling, ISS criticized the soup company for poor performance, which it said appear directly linked to shortcomings in the company's acquisition strategy, poor execution of mergers and a lack of focus on the company's core business. ISS is typically an influential guide on how institutional shareholders should vote. Still, Campbell remains very much a family company, with descendants of the soup company's founder retaining a significant stake. Campbell Soup heirs who hold roughly 41 percent of the company's shares have already come out in support of Campbell. Three descendants currently sit on the Campbell board. Nonetheless, ISS pointed to a number of missteps it said the company made under its current board, underlined by its financial performanc
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