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  "docSlug": "096232e3bb54",
  "documentTitle": "Campbell Soup Company (CPB)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "Includes an Andy Warhol-style illustration of a man with a Campbell's soup can, likely referencing the brand's cultural history.",
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      "kind": "callout",
      "text": "Responsibility for current predicament lies squarely with the incumbent Board",
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      "text": "Losing market share across categories as core business significantly underperforms\nEarnings in rapid decline given sales weakness and substantial margin pressure\nExecution issues already plaguing highly complex integration with Snyder’s-Lance\nLeverage over 5x net debt / EBITDA, leaving limited room to maneuver\nNo permanent CEO since the incumbent Board failed to plan for succession",
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      "text": "net debt / EBITDA: 5x",
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      "text": "The past year has been particularly disastrous",
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      "kind": "source-note",
      "text": "Source: Third Point LLC; Google Images",
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      "text": "CAMPBELL TODAY",
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