The Faber Report

Dan Loeb's hedge fund trims number of nominees to Campbell Soup board

Key Points
  • Activist investor Daniel Loeb has been locked in a battle for control of Campbell Soup's board, originally proposing to replace all 12 directors.
  • He has now trimmed his slate to five candidates, including an executive from his Third Point hedge fund.
  • Campbell Soup shareholders are scheduled to vote on the board members on Nov. 29.
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Daniel Loeb's hedge fund, Third Point, has trimmed the number of nominees it is making to the Campbell Soup board to five, sources tell CNBC.

Loeb has been locked in a battle for control of the board and had been trying to replace all 12 of the directors. Shareholders are scheduled to vote on the board at their Nov. 29 annual meeting.

Third Point's latest nominees are Sarah Hofstetter,  president of Comscore, Bozoma Saint John, chief marketing officer of Endeavor Co., Kurt Schmidt, a former director and CEO of Blue Buffalo, William Toler, former CEO of Hostess Brand and Third Point executive Munib Islam, the sources told CNBC.

The latest slate does not include another Third Point executive, Matthew Cohen, who had been nominated earlier.

Third Point is hoping to put the five nominees on the board to replace Bennett Dorrance, Randall Larrimore, Mary Alice Dorrance Malone, Nick Shreiber and Les C. Vinney, the sources told CNBC. The Dorrances are descended from the company founder.

Shares of Campbell Soup rose nearly 1 percent Friday morning.

Correction: This story was updated to correct the job title for Sarah Hofstetter.