Campbell Soup's (NYSE: CPB) board is drawing up a list of CEO candidates, with Chief Operating Officer Luca Mignini emerging as the top internal contender, as the company seeks to fend off a proxy challenge from Daniel Loeb's hedge fund, Third Point.
Third Point unveiled a slate of nominees on Friday to replace Campbell's 12-member board, pushing it to more actively explore a sale and criticizing its lack of a succession plan after Chief Executive Denise Morrison left in May. Morrison's departure came after several years of weak corporate earnings.
Campbell board member Keith McLoughlin, who has served as interim CEO following Morrison's departure, has said he is not interested in having the job on a permanent basis.
That has added to pressure on Campbell to find a leader who will help it execute its ambitious turnaround plan, which it unveiled last month.
Despite Morrison's exit almost four months ago, the board has only recently taken formal steps to look externally for a new CEO.
Mignini, 55, joined Campbell five years ago and was promoted in April to be its COO, putting the Italian-educated executive in charge of the U.S. company's snack and meal businesses, in addition to U.S. sales and global development. Morrison also held the COO position before she took the top job in 2011.
The board is also preparing to interview candidates from outside the company for the CEO position, although nobody external has been contacted yet, according to one of the people familiar with the arrangements.
Campbell stock began Monday gaining 19 cents to $40.41
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