Campbell Soup Co. and activist investor Third Point have reached a deal to end their proxy fight. Under the terms of the agreement, Campbell will increase the size of its board to 14 members and add two new, independent directors from Third Point's proposed slate: Sarah Hofstetter, president of Comscore, and Kurt Schmidt, former director and CEO of Blue Buffalo Co. Ltd.
Third Point also agreed to a 12-month standstill and certain support commitments, including immediately withdrawing its slate of director nominees and supporting Campbell's slate of directors at the upcoming annual meeting. Third Point will dismiss its litigation against Campbell and withdraw its books and records request. The investment firm will provide input into Campbell's ongoing CEO search process, and the final decision regarding the company's permanent CEO will be made by the Campbell board of directors.
Additionally, Campbell and Third Point agreed that Campbell will add a third director by the meeting of the board to be held in May 2019 and will consult with Third Point with respect to the appointment of this additional director.
Related: Campbell in Talks to Sell Fresh Foods Business; Campbell Soup May Go Up for Sale.
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