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Campbell heirs to vote in favor of the current board

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Campbell heirs to vote in favor of the current board

Four descendants of Campbell Soup Co.'s founder and former chairman, John Dorrance, plan to vote in favor of the current board at an annual meeting.

The soup company, which is engaged in a proxy war with hedge fund Third Point LLC, said in a statement Oct. 17 that the relatives include Charlotte Weber and current directors Bennett Dorrance, Mary Alice Dorrance Malone and Archbold van Beuren.

The four shareholders along with some other family members collectively hold 41% of the company's shares, the company said.

Commenting on the matter, Third Point said: "This stunt shows that Campbell's is in for more of the same unless the independent slate is elected in November."

Third Point has previously called for the entire company's sale, though Campbell opted only to sell its international and fresh food businesses. The hedge fund has also nominated a 12-member panel to replace Campbell's entire board.

Campbell shareholders are slated to elect directors at the annual stockholder meeting Nov. 29.

New Jersey-based Campbell's shares closed down 5.42% at $36.32 on Oct. 17.