Jon Cook to exit WPP, Eric Campbell to succeed as VML Global CEO

Bernstein raised WPP's price target to £4.10, maintaining a Market Perform rating. The company expects mid-single-digit revenue decline for the second half. Analysts forecast a 3.2% organic revenue decline for Q3, with WPP showing a 6.5% decline over the last twelve months. The stock has gained 54% in six months, and the company reports Q3 earnings on Thursday.

Campbell Soup (CPB) reduced its quarterly dividend by 36% to $0.25 per share, citing weak Q4 results with net sales down 7.9% and operating income at $4M. The company aims to use savings to reduce debt. Full-year free cash flow was $678M, with dividends consuming 69%. CEO Mick Beekhuizen called the cut 'necessary.' The new payout ratio is projected to be 56-61% of fiscal 2027 guidance. The stock is down 20.71% YTD and trades near $20.78, offering a 4.8% forward yield.

Conagra (CAG) and Campbell (CPB) cut dividends, while J.M. Smucker (SJM) and Hormel (HRL) raised theirs. Kraft Heinz (KHC) kept its dividend unchanged. Conagra's new dividend is $0.175, down from $0.35, citing debt reduction. Campbell's cut its dividend by 36% to $0.25. Smucker's dividend rose to $1.12, backed by strong cash flow. Hormel increased its dividend to $0.2925, maintaining a streak of annual raises. Kraft Heinz's dividend remains at $0.40, with solid coverage but stagnant sales.

Warner Bros. Discovery's Chief Rev & Strategy Officer Bruce Campbell reported merger-related dispositions and award conversions. 130,546 options were canceled, while 741,517 options and 3,264,855 PRSUs were converted into contingent cash awards based on the merger consideration of $31.0167 per share. 147 Series A shares were converted into cash rights.

Campbell Soup (CPB) cut its quarterly dividend 36% to $0.25 per share, yielding 5.3%, to reduce debt from the Rao's acquisition. The move leaves more free cash flow for debt repayment. CEO Mick Beekhuizen called it a necessary decision. The company's debt stands at $7.137 billion, up from $4.689 billion before the acquisition. Snacks segment sales fell 6% in Q4, while Meals & Beverages rose 3%.

Campbell Soup Company priced a $300 million offering of 8.500% fixed-to-fixed reset junior subordinated notes due 2057. The notes were priced on October 1, 2026, and issued on October 5, 2026, under the company's shelf registration on Form S-3. The offering was managed by a syndicate led by several major banks, with U.S. Bank Trust Company as trustee.