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Campbell Announces Plans for a Reorganization of Its Business Operations and Appoints the Presidents of Its Three New Business Divisions

CAMDEN, N.J.–(BUSINESS WIRE)–Jan. 29, 2015–
Campbell Soup Company (NYSE: CPB) today announced plans to
implement a new enterprise structure that will align the organization of
the company’s business operations with its core growth strategies. Under
the new design, Campbell’s businesses will be organized and managed in
three divisions structured principally by product categories rather than
by geographies or brand groups. Each division will have meaningful
scale, a clearly defined portfolio role and targets for growth that are
tied to its role in the enterprise and the scope of its marketplace
opportunities. The company’s management structure will be simplified and
streamlined.

“The adoption of our new enterprise structure will be an important
milestone for Campbell,” said Denise Morrison, President and Chief
Executive Officer. “This reorganization will help unlock the value of
our brands and the growth potential of our business. It will drive
focused investment on our largest growth opportunities. It is the
logical next step in our ongoing effort to shift our company’s center of
gravity, accelerate our growth trajectory and maximize value for our
shareholders.”

The company also announced appointments of the executives who will lead
the three new divisions, each of whom will report directly to Morrison.
These appointments will take effect on Feb. 1, 2015.

  • Mark Alexander, 50, who now serves as President –
    Campbell North America, will become President – Americas Simple
    Meals and Beverages.
    This new division will include Campbell’s
    current U.S. Retail and foodservice businesses, Plum Organics, and the
    company’s simple meals and shelf-stable beverage businesses in Canada,
    Mexico and Latin America. Aggregate net sales of the business
    operations that will comprise Americas Simple Meals and Beverages were
    approximately $4.5 billion in fiscal 2014. Consistent with its role as
    a vital economic engine for the enterprise, this division will be
    expected to deliver moderate top-line growth and significant margin
    expansion, with focused investment in scale platforms for
    brand-building, innovation and expanded distribution.
  • Luca Mignini, 52, currently President – Campbell International,
    will assume the role of President – Global Biscuits and Snacks, a
    new division that will unify the company’s Pepperidge Farm, Arnott’s
    and Kelsen businesses into a fully integrated global biscuits and
    snacks portfolio. With approximately $2.8 billion in fiscal 2014 net
    sales, this division will focus on driving the company’s growth in
    biscuits and snacks in its current developed markets and expanding its
    presence in developing markets, leveraging the full range of
    Campbell’s assets and capabilities in these categories and
    spearheading the development of significant multinational brands. The
    company’s simple meals and beverage businesses in Asia Pacific and
    Asia, including its soup and broth business in Hong Kong and China, as
    well as its Pepperidge Farm U.S. bakery business, will also be
    operated and managed within this division.
  • Jeffrey Dunn, 57, now President – Bolthouse Farms, will become President
    – Packaged Fresh,
    a new division that will focus on
    building the company’s scale and accelerating its growth in the
    rapidly expanding packaged fresh segments and categories across the
    retail perimeter. The Packaged Fresh division will include Bolthouse
    Farms’ portfolio of fresh carrots, super-premium beverages and salad
    dressings and Campbell’s retail refrigerated soup business, which
    collectively accounted for approximately $1 billion of net sales in
    fiscal 2014.

In the coming months, Alexander, Mignini and Dunn will work with
Morrison and the members of the Campbell Leadership Team to develop
specific plans for organizing the three new divisions and for
appointments to key leadership roles. In coordination with this process,
work will also proceed on a reorganization of Campbell’s corporate
functions to deliver agile and effective support to the business
divisions, and on a major project to re-examine and redesign the
company’s cost structure.

In connection with the reorganization, Irene Chang Britt, President –
Pepperidge Farm and Senior Vice President – Global Baking and Snacking,
has
announced her decision to leave the company. “I’ve had the privilege of
working with Irene for more than a decade,” said Morrison, “first at
Nabisco and then at Campbell. She has made many important contributions
to our company. I thank her for her dedicated and dynamic leadership,
and wish her the very best in the years ahead.”

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” The Company makes a range of products
from high-quality soups and simple meals to snacks and healthy
beverages. For generations, people have trusted Campbell to provide
authentic, flavorful and readily available foods and beverages that
connect them to each other, to warm memories, and to what’s important
today. Led by its iconic Campbell’s brand, the company’s
portfolio includes Pepperidge Farm, Goldfish, Bolthouse
Farms
, V8, Swanson, Prego, Pace, Plum
Organics
, Arnott’s, Tim Tam, Royal Dansk and Kjeldsens.
Founded in 1869, Campbell has a heritage of giving back and acting
as a good steward of the planet’s natural resources. The company is a
member of the Standard & Poor’s 500 and the Dow Jones Sustainability
Indexes. For more information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on the company’s business or financial results. These
forward-looking statements, including the statements made regarding the
company’s new enterprise and management structure, rely on a number of
assumptions and estimates that could be inaccurate and which are subject
to risks and uncertainties. The factors that could cause the company’s
actual results to vary materially from those anticipated or expressed in
any forward-looking statement include (1) the company’s ability to
manage organizational change effectively; (2) the company’s ability to
realize projected benefits and cost savings from the new structure; (3)
the impact of strong competitive responses to the company’s efforts to
leverage its brand power in the market; (4) the impact of changes in
consumer demand for the company’s products; (5) the risks associated
with trade and consumer acceptance of the company’s initiatives,
including its trade and promotional programs; (6) the practices and
increased significance of certain of the company’s key trade customers;
(7) the impact of fluctuations in the supply or costs of energy and raw
and packaging materials; (8) the impact of portfolio changes; (9) the
uncertainties of litigation; (10) the impact of changes in currency
exchange rates, tax rates, interest rates, debt and equity markets,
inflation rates, economic conditions and other external factors; (11)
the impact of unforeseen business disruptions in one or more of the
company’s markets due to political instability, civil disobedience,
armed hostilities, natural disasters or other calamities; and (12) other
factors described in the company’s most recent Form 10-K and subsequent
Securities and Exchange Commission filings. The company disclaims any
obligation or intent to update the forward-looking statements in order
to reflect events or circumstances after the date of this release.

Source: Campbell Soup Company

Campbell Soup Company
INVESTOR CONTACT:
Jennifer
Driscoll
856-342-6081
jennifer_driscoll@campbellsoup.com
or
MEDIA
CONTACT:
Carla Burigatto
856-342-3737
carla_burigatto@campbellsoup.com