For billionaire hedge fund manager Dan Loeb, Campbell Soup (CPB) is an important target. Loeb's activist hedge fund, Third Point, owns nearly 7% of outstanding shares in the soup company. According to a report by CNBC, Loeb is aiming to replace the entirety of Campbell's 12-seat board of directors at the company's upcoming shareholder meeting on November 29. Doing so would allow Loeb to exert a higher degree of control over the company's practices and business strategies, as is common in an activist investor approach. Separately, Loeb has called for a sale of the company.