{
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  "docSlug": "096232e3bb54",
  "documentTitle": "Campbell Soup Company (CPB)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 16,
  "pageCount": 45,
  "prevPage": 15,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses quotes from company filings to demonstrate management's own admission of failure.",
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  "metadataConfidence": 1,
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  "components": [
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      "kind": "callout",
      "text": "Other deals like Garden Fresh Gourmet (salsa) and Plum Organics (baby food) have not worked",
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      "kind": "paragraph",
      "text": "Other deals like Garden Fresh Gourmet (salsa) and Plum Organics (baby food) have not worked",
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      "kind": "quote",
      "text": "During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations... failure to meet product distribution goals. ...resulted in a $64 million impairment charge.",
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      "kind": "quote",
      "text": "In 2018, sales and operating performance were well below expectations... we recognized an impairment charge of $54 million.",
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      "text": "During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim impairment assessment in the second quarter, which resulted in a $64 million impairment charge. — Campbell Soup (FY18 10-K); In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2018, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 million. — Campbell Soup (FY18 10-K)",
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      "text": "Note: Comments from FY18 10-K Source: Third Point LLC; Company Materials",
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      "kind": "title",
      "text": "CORPORATE STRATEGY — SMALL DEALS",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck highlights the consequences of the incumbent Board's failures",
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