Activist investor Daniel Loeb's hedge fund Third Point announced its intention on Friday to replace Campbell Soup's entire board. : Activist investor Daniel Loeb's hedge fund Third Point announced its intention on Friday to replace Campbell Soup's entire board, the start of what is likely to be intense proxy battle between Loeb and the iconic soup company. Such a campaign would shine an unprecedented spotlight on the three descendants of Campbell's founder who sit on the soup company's board. Two of those descendants, Bennett Dorrance and Mary Alice Dorrance Malone, together hold a 33 percent stake in Campbell.