Campbell’s starts search for new CEO as Denise Morrison retires

Campbell Soup has announced that CEO Denise Morrison will retire with immediate effect, to be replaced on an interim basis by Keith McLoughlin.

The company said that McLoughlin, a member of Campbell’s board since 2016, was “a talented and experienced business leader” whose familiarity with Campbell’s corporate strategy put him in an ideal position to take over the business in the short-term.

Denise Morrison was appointed CEO of Campbell’s in August 2011 after more than eight years at the company and more than 30 years in the food business, including spells at Nabisco, Nestlé and Pepsi-Cola.

More recently, she has overseen several high-profile acquisitions – namely a $4.87 billion deal for snack maker Snyder’s-Lance and a $700 million play for organic soup producer Pacific Foods.

Chief operating officer Luca Mignini will continue to focus on the integration of both businesses, along with stabilising performance in the company’s US soup portfolio.

Having previously led Campbell’s global biscuits and snacks portfolio, as well as the Italian business of frozen food group Iglo, Mignini will be a frontrunner to replace Morrison in the longer term.

Morrison said: “I am proud of Campbell’s accomplishments and how we have transformed our portfolio amid changing consumer tastes for food and health and well-being. It has been an honor to lead this iconic company and exceptional team, and I am confident that Campbell will enjoy continued success for many years to come.”

Campbell’s third-quarter results, also announced today, show that the company made a net loss of $393 million and prompted it to cut its guidance for the remainder of its fiscal year.

Campbell’s chairman Les C Vinney said: “Denise has been a passionate advocate and leader over her 15 years with the company. She has made many important contributions over the past seven years as Chief Executive Officer to reposition Campbell in the rapidly changing food industry. Denise has been able to significantly transform Campbell’s portfolio into the faster-growing snacking category with the acquisition of Snyder’s-Lance and increased the company’s focus on health and well-being with brands like Pacific Foods. Her actions have helped to enhance the long-term growth potential of Campbell. On behalf of the Board, I want to thank Denise for her dedicated service and wish her the best.

“We are fortunate to have on our Board a talented and experienced business leader in Keith who is prepared to step into the CEO position on an interim basis. Keith is deeply familiar with our strategy, our team and our brands, and we are confident in his ability to lead the company during this transitional period.”

And Keith McLoughlin added: “Having been a director and observing the company over an extended period of time, I know where Campbell has been and where it’s headed, and am excited to lead the company as we continue to work to increase value for all our stakeholders. I am eager to begin working with our talented team as we strive to accelerate our growth strategy, improve our execution and deliver shareholder value.”