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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Uses a Benjamin Franklin quote as a rhetorical device to highlight the Board's failure.",
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      "text": "Portrait of Benjamin Franklin",
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      "text": "Denise Morrison (CEO since August 2011) abruptly left as the Company reported disastrous fiscal 3q18 earnings and lowered forward guidance\nDespite years of issues and a CEO approaching retirement age, incumbent Board failed to develop a succession plan (a critical duty of any board)\nAs a result, Campbell now led by interim CEO Keith McLoughlin, who has zero operating experience in packaged food and most recently served as CEO of Swedish appliance manufacturer Electrolux\nLack of leadership, combined with rapidly deteriorating financial and operational performance, presumably led Campbell to announce a strategic review",
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      "text": "Incumbent Board also failed to plan for succession, leaving Campbell without a permanent CEO at a crucial juncture in its history",
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      "text": "If you fail to plan, you are planning to fail. – Benjamin Franklin",
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      "text": "Note: Denise Morrison age 63 at retirement\nSource: Third Point LLC; Company Materials; Google Images",
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      "kind": "title",
      "text": "LACK OF LEADERSHIP",
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