Activist investor gets wish at Campbell
At the encouragement of activist investor Third Point LLC, Campbell Soup Company added Sarah Hofstetter and Kurt Schmidt to its board of directors. The additions were part of a previously announced agreement with Third point that increases the board to 14 from 12 members.
“We welcome both Sarah and Kurt to Campbell’s Board of Directors,” said Les Vinney, Chairman of the Campbell board. “Sarah is an innovative marketing and brand strategy expert, and Kurt is a seasoned executive within the consumer-packaged goods industry. Their diverse knowledge and insight will be invaluable to Campbell’s Board, management team and shareholders as we continue to execute on our strategic plan to build a stronger and more focused company that creates long-term value for all shareholders.”
Hofstetter is the President of Comscore, Inc., a global information and analytics company that measures consumer audiences and advertising across media platforms. She previously served as Chairwoman and Chief Executive Officer of 360i, a U.S. advertising arm of Dentsu, Inc., a Japanese advertising and public relations agency. Prior to 360i, Hofstetter founded Kayak Communications, a marketing agency focused on developing brand strategy and communications for new media brands. Hofstetter graduated from Queens College, City University of New York with a B.A. in Sociology.
Schmidt served as a director and Chief Executive Officer of Blue Buffalo Company, Ltd. from 2012 through 2016. Prior to joining Blue Buffalo, Schmidt was Deputy Executive Vice President at Nestlé S.A., where he was responsible for the $8 billion Nestlé Nutrition division and served as a member of the company’s Executive Committee. Schmidt joined Nestlé in 2007 as part of its acquisition of Gerber Products from Novartis, where he was the President and Chief Executive Officer of Gerber Products Company. Schmidt received a B.S. in Chemistry from the United States Naval Academy and an MBA from the University of Chicago.
Schmidt has been appointed to the Board’s Governance Committee and the Compensation and Organization Committee, and Hofstetter has been appointed to the Finance and Corporate Development Committee.