Third Point Also Endorses Reduction of Board Members, Consistent with Suggested Best Practices of Corporate Governance
NEW YORK--(BUSINESS WIRE)-- Third Point LLC (LSE:TPOU) ("Third Point"), is a New York-based investment firm that holds approximately 7% of the outstanding common shares of Campbell Soup Company (NYSE:CPB) ("Campbell" or the "Company"). Third Point and the Company agreed to a settlement to avoid a proxy vote in November 2018. This settlement included a provision to select a new independent Director, in addition to the immediate appointment of two Third Point nominees to the Board. After consultation with Third Point, Mr. Bilbrey was selected as the third independent director.
Mr. Bilbrey, a former Chief Executive of the Hershey Company, "brings experience in the food sector and in successfully leading companies that will raise the Board's level of expertise in two essential areas," said Third Point. "We are also pleased to see the overall size of the Board decrease with the retirement of the two departing directors, consistent with the recommendations we have made to the Company on best practices of corporate governance."
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Source: Third Point LLC