Chairman's Message. This is my first report as Chairman of Campbell Soup Company after six years as a director. I am proud to be associated with this great company and its wonderful brands, and to lead a Board that has long been recognized for its commitment to excellence in corporate governance. Earlier this year, the Board reviewed a sound and insightful strategic plan to build the company's core businesses, maintain our growth in emerging markets, and accelerate growth through thoughtful external development.

 

Two outstanding new directors were recently elected to the Board. William Perez joined us in June, succeeding Kent Foster. Bill has had a distinguished career in the consumer packaged goods industry. After 34 years with S.C. Johnson & Son, Inc., including eight years as CEO, he also served as CEO of Wm. Wrigley Jr. Co. Nick Shreiber, who succeeded Phil Lippincott in July, brings to us the perspective of over 30 years of global executive experience, most recently as CEO of Tetra Pak Group, a leader in packaging and equipment for food products.

After 22 years of service, George Strawbridge will retire from the Board in November. We have benefited from his viewpoint as a long-term shareowner. The nominee to succeed him is Lawrence Karlson, whose wide-ranging business background will enrich our discussions. David Patterson will also retire as a director in November, after seven years in which his experience as an investment manager contributed important perspective to our work. Archbold van Beuren has been nominated to succeed David. Archie's extensive background with the company and in the food industry will make him a valuable addition to the Board.

On behalf of all directors, I wish to thank my predecessor, Harvey Golub, for his extraordinary leadership as our Chairman during the past five years.

Signature of Paul R. Charron

Paul R. Charron, Chairman of the Board