Sunday 20 October 2019

John Dorrance

Place: 5 Change: + 1

John Dorrance

John Dorrance

Worth 2019 €2.44 bn (-11.27%)

Worth 2018 €2.75 bn

  • Industry Food

Dublin–based John Dorrance III's chemist grandfather invented Campbell's formula for condensed soup a century ago. It has generated massive wealth for his heirs, and John 'Ippy' Dorrance III cashed in his 10.5pc stake in Campbell's Soup in the 1990s. Around the same time, the low-profile Dorrance (75) moved to Ireland with his Finnish-born wife.

He was granted a passport after he invested $1.5m in a tree-planting project and at the time was criticised for what was seen as a move to avoid paying tax. He is believed to have a home in Dartry, Dublin 6.

It was a wise decision to exit the company, with the remaining family shareholders coming under pressure from activist shareholders. Historically, the company has resisted big change. But last year, the family was forced to overhaul the board to appease activist Daniel Loeb who had been engaged in a prolonged proxy fight with the intention of reviving the company's business.

Prior to the settlement, Loeb had accused 149-year-old Campbell's Soup of 'putting the interests of billionaire, insider heirs ahead of independent shareholders'.

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