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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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      "kind": "callout",
      "text": "Sales declines have accelerated with most recent quarter down a shocking 14%",
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      "text": "Underinvestment in R&D led to limited innovation (packaging, ingredients)\nNew product launches and flavors failed to resonate with core consumers\nCuts to marketing spend hurt brand equity",
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      "kind": "quote",
      "text": "We did not do enough to keep our soup products and brands relevant with consumers. — Board member & interim CEO Keith McLoughlin",
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      "kind": "source-note",
      "text": "Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18); Campbell US soup growth disclosed on Company earnings calls\nSource: Third Point LLC; Company Materials",
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      "text": "Core soup business lost relevance with consumers and is now in significant decline",
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      "text": "CORPORATE STRATEGY — SOUP",
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