In this Wednesday, Aug. 31, 2011, photo, cans of Campbell’s soup are seen in Moreland Hills, Ohio. Campbell Soup Co. announced Thursday, Sept. 27, 2012, that it will be closing two U.S. plants and cutting more than 700 jobs as it looks to trim costs amid declining canned soup consumption.(AP Photo/Amy Sancetta)
Campbell Soup denied cash bonuses to most of its executive suite last year and cut the compensation of four of its top five executives by more than 20 percent, awarding a performance rating of “0.”
The pay cuts demonstrate that the company isn’t meeting its own internal performance goals. That weak performance is also reflected in its share price, which has fallen by almost 25 percent so far this year. It’s also attracted the attention of activist investor Dan Loeb and his hedge fund Third Point, which has amassed a 5.65 percent stake in the company and is pressuring to clear out the board and sell the 149-year-old food conglomerate.
“Based on the company’s disappointing fiscal 2018 financial results, performance against the other balanced scorecard objectives and its qualitative assessment of various aspects of our performance, the committee determined that the total company performance score should be 0, resulting in the AIP pool being funded at 0 percent,” the company said in its proxy statement released Thursday.