Billionaire Dan Loeb is backing off his bid to replace the entire board at Campbell Soup.

Instead, the activist investor’s hedge fund Third Point — which also recently retreated from its push to sell the company amid a lack of interest from potential acquirers — said Friday it will settle for replacing just five of the 12 seats on the soupmaker’s board.

Loeb’s fund admitted that while Campbell shareholders have recently told it that “change is necessary,” they also believe that “some continuity is a good thing.”

“Third Point has done something that Campbell and its board refuse to do: embrace and respect the input of non-insiders,” the hedge fund said in a letter to Campbell Chairman Les Vinney.

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