Jim Walsh Cherry Hill Courier-Post Published 11:47 AM EDT Oct 4, 2018 CAMDEN – An investment firm seeking a new board of directors at Campbell Soup Co. wants “to seize control and force a sale of your company,” the financially troubled food giant told its shareholders Thursday. In an escalating fight over the Camden firm's future, Campbell's top executive urged stockholders to reject board nominees proposed by Third Point LLC, a Manhattan investment firm. Keith McLoughlin, Campbell’s interim president and CEO, dismissed the rival candidates as “hand-picked and largely underqualified individuals whose interests are not aligned with a majority of stockholders.” More: Video shows encounter between Rowan University students, police with drawn guns More: Fatal OD leads to charges against Camden man known as 'realnewjerzeydevil' "Third Point has yet to put forward any new ideas that have not been considered by the board and is instead focused … [Read more...] about Campbell Soup Co. fires back at Third Point in battle for board seats
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Jim Walsh Cherry Hill Courier-Post Published 5:28 PM EDT Sep 7, 2018 CAMDEN - An investment firm that's demanded the sale of Campbell Soup Co. has launched an effort to replace the food company’s board of directors. Third Point LLC said Friday a “completely revamped” board is needed to overcome financial problems at Campbell, which last week reported lower sales and earnings for its latest fiscal year. Campbell on Aug. 30 announced plans to sell its international operations and a money-losing fresh foods division as part of a turnaround effort. It also has vowed to cut costs, reduce debt and focus on the sales of soups, snacks and other core brands. But Third Point CEO Daniel Loeb asserted the board “is unable or unwilling to take the bold action needed to address the current crisis and does not understand the depth of the company’s problems.” More: Lawsuit claims Miss America Organization didn't pay its bill More: Artificial trees to … [Read more...] about Third Point calls for new board at Campbell Soup Co.
Jim Walsh Cherry Hill Courier-Post Published 10:59 p.m. UTC Aug 23, 2018 PENNSAUKEN – A Philadelphia man who expected to meet a 14-year-old girl here was greeted instead by law enforcement officers. Ebert Ray Nepomuceno, 30, traveled to Pennsauken after sending sexually explicit messages to a person he thought was a young girl, the Camden County Prosecutor’s Office said Thursday. The Campbell Soup Co. employee was actually corresponding with an undercover detective, the prosecutor's office said. Nepomuceno is a senior technologist at Camden-based Campbell, according to his LinkedIn account. He was charged with luring, attempted criminal sexual contact and attempted sexual assault with a minor, the prosecutor’s office said. Nepomuceno was held in Camden County Jail pending a detention hearing. He was at least the third man to be charged by the prosecutor's office this year after exchanging messages with an undercover detective at the High-Tech Crimes … [Read more...] about Campbell Soup Co. employee accused of sending explicit texts to ‘teen’
Speculation has been mounting this summer that the family-controlled Campbell Soup Co., under pressure from activist shareholders, might finally be sold. But any such deal faces difficult math: The 149-year-old Camden food company’s charter, as allowed under New Jersey law, says two thirds of votes cast by shareholders must favor a sale. A two-thirds vote is also needed to change the charter. Given that family members own at least 41 percent of the stock, would-be buyers could be out of luck unless the family — descendants of John T. Dorrance, a chemist who invented condensed soup in 1897 — can be convinced to sell. The brother-and-sister team of Bennett Dorrance, 72, and Mary Alice Malone, 68, billionaires who own a combined 33.1 percent stake, themselves come very close to controlling Campbell outright because the two-thirds rule gives them an almost insurmountable lead. “For practical purposes, the two of them voting alone could … [Read more...] about Campbell Soup Co.’s charter creates high hurdle to sale
Campbell Soup is recalling 355,000 cans of SpaghettiOs Original in the U.S. due to a possible choking hazard. Pieces of red plastic, part of the can's lining, were found in a small number of the 14.2 ounce cans. Campbell Soup Co. announced the recall after receiving complaints from consumers. However, it said anyone who inadvertently swallowed bits of the plastic should not worry - it's non-toxic. "The plastic is food grade and is from the lining of the can. It is not harmful if ingested. The reason we are recalling the product is that the pieces could pose as a potential choking hazard," the company wrote on its Facebook page. The cans included in the recall have a date of February 22, 2017 stamped on the base of the can. The UPC code is 51000 22432 and is printed under the bar code. The product should be returned to the store for an exchange or full refund. Consumers can receive more information by visiting Facebook/SpaghettiOs or calling 1-866-535-3774 between 9 a.m. to 7 p.m. EST, … [Read more...] about CBS News Logo Campbell Soup Co. recalls SpaghettiOs over possible choking hazard