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Campbell’s Co (NASDAQ:CPB) reported the results of its annual meeting of shareholders held Tuesday. According to a statement based on a Securities and Exchange Commission filing, all management proposals were approved by shareholders.
All nominees for the board of directors were elected to serve until the next annual meeting or until resignation or retirement. Directors elected include Fabiola R. Arredondo, Howard M. Averill, Mick J. Beekhuizen, Bennett Dorrance, Jr., Maria Teresa (Tessa) Hilado, Grant H. Hill, Sarah Hofstetter, Marc B. Lautenbach, Mary Alice D. Malone, Jr., Keith R. McLoughlin, Kurt T. Schmidt, and Archbold D. van Beuren. Vote totals for each nominee ranged from approximately 225 million to 247 million shares in favor, with “against” votes ranging from about 739,000 to 22.9 million.
Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as Campbell’s independent registered public accounting firm for fiscal 2026. The proposal received 263,209,145 votes in favor, 4,764,138 against, and 617,517 abstentions.
An advisory vote on the compensation of named executive officers for fiscal 2025 was approved, with 245,005,925 votes in favor, 2,681,633 against, 833,691 abstentions, and 20,069,551 broker non-votes. The company remains profitable with $602 million in net income to common shareholders over the last twelve months, despite facing some financial challenges. InvestingPro analysis indicates that Campbell’s short-term obligations exceed its liquid assets with a current ratio of 0.77, though it operates with a moderate debt level at 40% of total capital.
Two shareholder proposals were not approved. A non-binding proposal requesting that the board replace supermajority voting provisions in governing documents with simple majority voting received 107,793,720 votes in favor and 139,770,479 against, with 956,991 abstentions and 20,069,551 broker non-votes. Another non-binding proposal regarding a report on the effectiveness of the company’s regenerative agriculture program, including pesticide reduction outcomes, received 26,495,290 votes in favor and 218,752,301 against, with 3,273,658 abstentions and 20,069,551 broker non-votes.
The information in this article is based on a statement from Campbell’s Co filed with the Securities and Exchange Commission.
In other recent news, Campbell’s Company has announced the appointment of Todd E. Cunfer as Executive Vice President and Chief Financial Officer, effective October 20. This transition follows the planned departure of current CFO Carrie L. Anderson. Cunfer joins Campbell’s after serving as CFO of Freshpet and brings over 25 years of experience in the consumer packaged goods industry. In related developments, DA Davidson has adjusted its price target for Campbell Soup to $30 from $32 while maintaining a Neutral rating on the stock. This adjustment comes ahead of Campbell’s upcoming first-quarter fiscal 2026 results. Despite the CFO transition, DA Davidson continues to hold a Neutral rating with a $32 price target following discussions with Campbell’s executives. These discussions focused on Campbell’s key business segments and strategic direction.
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