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  "docSlug": "dae27efc105431a7a4767472aac9c187",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 19,
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  "density": "balanced",
  "nDataPoints": 11,
  "notes": "The slide uses a 'problem-evidence' split layout, combining qualitative management admission with quantitative performance data.",
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      "kind": "chart",
      "text": "U.S. soup sales, y/y growth, %",
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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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      "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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      "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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