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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
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  "notes": "The slide outlines the core thesis for an activist campaign against Campbell Soup Company.",
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      "text": "Given challenges, Campbell conducted a strategic review, but then failed to take bold action to remedy the situation and largely recommitted to the failing status quo",
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      "text": "Incumbent Board, which created the current situation, can no longer be relied upon to lead the Company, and shareholders deserve a new path forward",
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      "text": "Independent Slate brings relevant skills and experience needed to reverse decades of significant underperformance and create long-term value for ALL shareholders",
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      "text": "Campbell's incumbent Board of Directors (\"Board\") has overseen a series of strategic and operational blunders over many years that have driven extreme underperformance in Campbell shares (19% total shareholder return vs. 306% for S&P 500 over last 20 years)",
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      "text": "Within the past year, financial and operational performance has significantly worsened (soup in sharp decline, acquired Fresh assets now loss-making, Snyder's-Lance integration hiccups, substantial margin pressures, multiple large earnings disappointments, leverage over 5x, no permanent CEO)",
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      "text": "Third Point has partnered with a member of the Dorrance family (George Strawbridge, Jr.) and seeks to replace the incumbent Board with an attractive new slate of nominees (\"Independent Slate\")",
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      "text": "Note: Total shareholder return includes dividends; data from 9.28.98 to 9.28.18; John T. Dorrance acquired control of Campbell from founder Joseph A. Campbell. Source: Third Point LLC",
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      "text": "Time to refresh Campbell, an iconic American company suffering from woeful mismanagement",
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