Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Early Facebook investor and Trump supporter Peter Thiel weighed in on the Democrats taking on the president in 2020, saying he was "most scared' by Elizabeth Warren.Politicsread more
Tensions between Japan and South Korea come as the U.S. and its trading partners are embroiled in a global trade war.Technologyread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
China's fiscal spending increased 10.7% in the first six months from a year earlier, the finance ministry said on Tuesday, underlining the government's bid to support the...China Economyread more
Beto O'Rourke's campaign for the 2020 election raised just $3.6 million in the second quarter of this year, putting him in the lower tier of candidates who have struggled to...2020 Electionsread more
Von der Leyen, one of the longest serving ministers in Germany, has tried to woo European lawmakers over the last two weeks.Europe Newsread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
Microsoft's considerable reach into the corporate world isn't something Slack CEO Stewart Butterfield is very concerned about.Technologyread more
Shareholder advisory firm Institutional Shareholder Services on Wednesday recommended that Campbell Soup investors elect all five of Third Point hedge fund's board nominees, giving a boost to the activist firm, which is fighting a high profile proxy battle with the company.
"The dissident slate seems well qualified to contribute to the company's turnaround by providing relevant industry expertise, fresh ideas, and a greater sense of urgency," ISS said in a report, adding "As such, votes FOR all dissident nominees are warranted."
Days ago, investor Daniel Loeb, who runs Third Point, backed off his call to replace the entire 12-person Campbell board. Investors are expected to vote on directors at the Nov. 29 annual meeting. ISS is generally seen as being reluctant to recommend ousting all board members.
In its report, ISS backed former Blue Buffalo CEO Kurt Schmidt and former Hostess Brands CEO William Toler as well as comScore Inc president Sarah Hofstetter and former Uber Technologies executive Bozoma Saint John. It also recommended support for Third Point partner Munib Islam.
Third Point has said its nominees can provide operational, marketing and branding as well as financial expertise to help turn around Campbell's lagging stock performance. The company has been hurt by falling soup sales plus its fast paced acquisitions spree. In August, it announced plans to sell its fresh foods and international units.
Campbell responded to the ISS report by urging shareholders to support its 12 board members and said again that it had offered to expand the board to include two Third Point nominees, Schmidt and Hofstetter. It again voiced its objection to having a Third Point employee on its board.
ISS said Campbell's underperforming total stock return and weak fundamentals are linked to its acquisition strategy and poor execution on mergers as well as a lack of focus on its core business.
"In light of these factors, the dissident has presented a compelling case that change at the board level is warranted," the report said.
Third Point owns roughly 7 percent of Campbell's stock and it has allied with George Strawbridge, a descendant of John Dorrance who invented condensed soup and ran the company about a century ago. Three Dorrance heirs currently serve on the Campbell board and they plus another family member control roughly 40 percent of the shares, making Loeb's proxy contest all the more difficult.
At the outset, Loeb was pushing for a sale of the company but later backed away from that and more recently recommended splitting the company to make it more attractive to potential buyers. It also warned the company against hastily hiring a new chief executive during the proxy contest.
The company had criticized the hedge fund for not having a concrete plan to turn around the company.
ISS said it may make more sense for the company to improve its operations instead of pursuing a sale right now. "The dissident's seemingly premature focus on a sale may have caused some investors to worry that a dissident-controlled board might not thoroughly explore all strategic options," the report said.