Adding to the company’s woes is an internal power struggle. The Dorrance family, owning 40% of Campbell’s shares, is at odds with Daniel Loeb of Third Point, who holds around 7% of the stock. Loeb advocates for radical changes, including rebranding and altering Campbell’s iconic red and white cans, sparking legal disputes over alleged mismanagement.
In a recent development, Campbell’s has agreed to appoint two directors proposed by Third Point, suggesting potential changes ahead as the company strives for survival.
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