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Adding to the company’s difficulties is an ongoing internal power struggle. The Dorrance family, which owns 40% of Campbell’s shares, is in conflict with activist investor Daniel Loeb of Third Point, who holds about 7% of the stock. Loeb is pushing for radical changes, including rebranding the company and altering Campbell’s iconic red and white cans, which has led to legal disputes over alleged mismanagement.
Recently, Campbell’s agreed to appoint two directors nominated by Third Point, signaling possible changes as the company fights to survive.
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Swimmer Riley Gaines scored a victory against the NCAA, securing a $50 million settlement for unfair distribution of medals, a major win for her and critics of sporting inequalities. 😮
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