Campbell Soup Wants to Remain Independent: Following...
From Times Staff and Wire Service Reports
Campbell Soup Wants to Remain Independent: Following its board of directors’ consideration of a possible sale or merger, Campbell Soup Co. said it has decided that it wants to remain independent. Campbell said its board has endorsed a new strategic plan to enhance shareholder value. Details of the plan were not disclosed. David Johnson, the embattled soup maker’s new chief executive, faces a faction of Campbell’s controlling Dorrance family that seeks to sell its 17% share in Campbell and encourage the company’s sale. Another Dorrance faction, holding a 33.5% stake, wants to keep Campbell under family control. Johnson, the former chief executive of Gerber Products Co., is the first outsider to lead Campbell.
