Campbell’s COO Luca Mignini
Campbell Soup chief operating officer Luca Mignini must be among possible candidates to become the firm’s permanent CEO after the shock announcement today that Denise Morrison has retired from her role.
Months before becoming CEO in 2011, Morrison was named COO of the company; Mignini, aged 55, was appointed COO last month.
The chief operating officer position has been used by other companies as a way of training potential candidates to eventually take over the top job. Coca-Cola CEO James Quincey was named COO in 2015 before becoming chief executive two years later.
Morrison’s retirement comes as Campbell’s made a net loss of $393 million in its most recent quarterly results, prompting it to cut its guidance for the remainder of its fiscal year.
Despite pulling off deals to acquire both Snyder’s-Lance and Pacific Foods, Campbell’s suffered four straight years of sales declines of its core US soups unit under Morrison.
Following Morrison’s departure, Campbell’s said Luca Mignini will focus on integration of both Snyder’s-Lance and Pacific, along with stabilising performance in the company’s US soup portfolio.
Between 2015 and April 2018, Mignini directed Campbell’s integrated global biscuits and snacks portfolio, including the Pepperidge Farm, Arnott’s, and Kelsen businesses. In this role, he was also responsible for the operation and management of the company’s simple meals and beverage businesses in Asia Pacific and Asia, including soup and broth business in Hong Kong and China; the Pepperidge Farm US bakery business; and the Latin American businesses. He helped engineer the acquisition of The Kelsen Group and Snyder’s-Lance.
Before that he spent more than two years as the CEO of the Findus Italy division of Iglo Group. Mignini gained an MBA from the Kellogg School of Management at Northwestern University before working for SC Johnson for more than 20 years.
Morrison said of Mignini when he was appointed COO: “Since joining Campbell, Luca has proven himself a superb strategist and strong executor with a keen understanding of the critical details of all our businesses. He has led our best-performing division, global biscuits and snacks, and helped engineer the acquisition of The Kelsen Group and more recently Snyder’s-Lance.
“I am confident in Luca’s ability to lead our core businesses, oversee the integration of Pacific Foods and Snyder’s-Lance, and deliver improved execution and performance.”
Campbell’s interim CEO Keith McLoughlin
Who is Keith McLoughlin?
Interim CEO Keith McLoughlin has the challenging task of stabilising Campbell’s as its interim CEO, following the company’s disappointing third-quarter results.
Campbell’s said his familiarity with its corporate strategy put him in an ideal position to take over the business in the short-term.
McLoughlin is the 13th leader of Campbell’s in its 149-year history. He has served as an independent director on the firm’s board of directors since 2016.
Previously he was CEO of Electrolux, a global manufacturer of major household appliances, from 2011 until February 2016. He joined Electrolux in 2003 as head of major appliances North America. Between 2004 and 2007, he also served as head of major appliances Latin America. He was appointed COO in 2011, a position he held until his retirement in January 2016.
Before joining Electrolux, McLoughlin spent 22 years in senior leadership roles at DuPont. He graduated from the United States Military Academy at West Point with a bachelor of science in engineering.
© FoodBev Media Ltd 2022
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