Campbell Soup CEO Exits as Company Plans Strategic Review of Portfolio

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Campbell Soup
Co.

CPB -Zero.66%

Chief Government

Denise Morrison

is leaving the corporate, after main the New Jersey-based meals maker for almost seven years.

The management change for Campbell comes as the corporate introduced it is going to start a strategic evaluate of its portfolio. Campbell stated it plans to debate the end result of the evaluate in late August.

Campbell stated Friday Ms. Morrison, who additionally served as president and a director on Campbell Soup’s board, is retiring from the corporate. She will probably be changed by

Keith McLoughlin,

who has been a board member since 2016, as CEO on an interim foundation.

Meals makers broadly have struggled in responding to modifications in shopper tastes, as Individuals swap boxed and canned meals for more energizing choices, whereas additionally consuming extra snacks and fewer full meals.

Ms. Morrison, 64 years outdated, who grew to become CEO in 2011 and had spent 15 years with the corporate, helped Campbell reshape its portfolio to adapt to those modifications. The corporate has been digesting its acquisition of Snyder’s-Lance, which makes snacks similar to Snyder’s of Hanover pretzels, Kettle chips and Pop Secret popcorn, after closing the $6.1 billion deal together with debt in March. It has additionally bought Bolthouse Farms refrigerated juices and Plum natural child meals in recent times.

The corporate additionally eliminated synthetic colours and different unpopular elements from its large manufacturers.

However these large modifications haven’t been sufficient to please buyers of late. By means of Thursday’s shut, shares are down 18% to this point this 12 months and 32% over the previous 12 months.

In April the corporate stated it might reorganize its operations to deal with its core items, whereas sustaining the power to identify new alternatives and digital progress. It additionally elevated

Luca Mignini

to the position of working chief, tapping him with integrating Snyder’s-Lance and Pacific Meals and stabilizing the corporate’s U.S. soup enterprise.

Shares fell 5.three% in premarket buying and selling after the corporate minimize its full-year earnings goal and introduced it swung to a loss in its newest quarter.

Campbell reported a third-quarter lack of $393 million on gross sales of $2.13 billion. Excluding particular gadgets, Campbell earned 70 cents a share, forward of expectations from analysts polled by Thomson Reuters of 60 cents a share.

Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com



Supply hyperlink – https://www.wsj.com/articles/campbell-soup-ceo-exits-as-company-plans-strategic-review-of-portfolio-1526643602?mod=pls_whats_news_us_business_f

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