caret-down

Campbell Announces Strategic Reorganization

  • Luca Mignini Named Chief Operating Officer, Responsible for Core
    Soup, Simple Meals, Shelf-Stable Beverages, and Global Biscuits and
    Snacks Businesses
  • Company Creates New Accelerator Unit to Drive Growth in
    Faster-growing Spaces, Including Campbell Fresh
  • Ana Dominguez Named President of Campbell Fresh
  • Emily Waldorf Promoted to Senior Vice President of Corporate
    Strategy

CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 5, 2018–
Campbell Soup Company (NYSE:CPB) today announced a strategic
reorganization that will better position the company to capitalize on
the rapidly changing food industry landscape, while more closely
aligning the business with the company’s three growth strategies:
optimize the value of the core; increase health and well-being food,
beverages and snacks; and, accelerate distribution and new business
models.

This new structure organizes Campbell’s core business
operations—including its important soup, simple meals and shelf-stable
beverages portfolios and its powerful snacks portfolio—under the
leadership of Luca Mignini as Chief Operating Officer (COO). Campbell
will create a new Accelerator unit to continue to expand in
faster-growing spaces and invest in high-growth areas. As part of the
reorganization, Campbell Fresh will become part of the Accelerator unit
to realize the growth potential of the packaged fresh category. The new
unit will also be responsible for long-term innovation, small brand
incubation, future consumer experiences, e-commerce and new distribution
models.

Denise Morrison, Campbell’s President and Chief Executive Officer said,
“The transformative Snyder’s-Lance acquisition served as a catalyst for
us to re-examine how to best organize the company for increased emphasis
on execution and profitable growth. This strategic
reorganization—focused on our core, the integration of recent
acquisitions, the Campbell Fresh turnaround and long-term
growth—provides the right structure for us to optimize the value of our
businesses today, while creating future-oriented capabilities. It will
simplify our operations, improve our execution and enable us to allocate
resources with a greater focus on profitable growth.”

Chief Operating Officer Oversees Core Businesses

Luca Mignini, 55, Campbell’s President, Global Biscuits and Snacks, will
gain additional responsibilities and has been named COO. Mignini will
continue to report to Morrison. He joined Campbell in 2013 as President,
Campbell International. Previously, he spent more than two years as the
CEO of the Findus Italy division of IGLO Group, Europe’s largest frozen
food business. Before that, Mignini worked at SC Johnson for more than
20 years.

Morrison said, “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.”

In addition to continuing to oversee the Global Biscuits and Snacks
portfolio, including Arnott’s, Kelsen, the recently created Campbell
Snacks unit (the combined Pepperidge Farm and Snyder’s-Lance brands) and
the simple meals and shelf-stable beverages business in Asia Pacific and
Australia, Mignini will now also lead the following businesses and
functions:

  • Campbell’s Meals and Beverages, which includes the company’s important
    U.S. soup, simple meals and shelf-stable beverages portfolio, as well
    as the Plum, Pacific Foods, North America Food Service, Canada and
    Latin America businesses;
  • The company’s U.S. Sales organization; and,
  • The global product development group within Research and Development.

Mignini said, “Creating a single organization across Campbell’s core
businesses will make us more agile and lead to more effective portfolio
management to ensure that resources are invested in the areas with the
greatest growth potential. I am confident this simplified model will
position these businesses for better performance going forward. My
immediate focus is on maintaining momentum in our existing snacks
portfolio, integrating Snyder’s-Lance and Pacific Foods, and stabilizing
the U.S. soup portfolio.”

New Accelerator Unit Focused on Faster-growing Spaces and Future
Growth

Campbell is creating a new unit focused on accelerating innovation,
driving long-term growth and developing new business models that will
shape the future of food. The Accelerator will consist of the Campbell
Fresh business, the company’s existing Digital and e-Commerce unit and a
network of cross-functional teams that can be rapidly deployed against
key growth priorities. It will include important capabilities and
functions spanning strategy, innovation, consumer experience and new
distribution models.

Morrison said, “Campbell’s Accelerator unit is designed to drive growth
and build critical capabilities with an agile and dynamic operating
model that, over time, will expand to other parts of the company and
become the way we work in the future.”

The company has initiated an external search for a Chief Acceleration
Officer (CAO), reporting to Morrison, to lead the new unit and to
fast-track transformation and future growth opportunities. The
Accelerator unit will include:

  • Consumer Experience: responsible for identifying the foresights,
    insights, culinary and consumer trends across Campbell categories that
    will drive future growth and deliver modern marketing capabilities and
    services.
  • Long-term Innovation: responsible for filling the innovation funnel by
    creating new categories, product platforms and business models. This
    group will also include Campbell’s Science and Technology organization.
  • Small Brand and Startup Incubation: responsible for leading the
    creation, incubation and development of small brands and startups, as
    well as the identification and cultivation of external partnerships.

Campbell’s established Digital and e-Commerce unit will become part of
the Accelerator. The team will continue to lead enterprise e-Commerce
strategy and capabilities, scale digital marketing efforts and help to
develop more agile and flexible distribution models.

Campbell Fresh will also become part of the Accelerator unit to maintain
focus on turning the business around and to achieve growth rates
consistent with the packaged fresh category. Campbell Fresh includes
Bolthouse Farms portfolio of refrigerated beverages and salad dressings;
Garden Fresh Gourmet salsa, hummus, dips and tortilla chips; the U.S.
refrigerated soup business; and, fresh carrots and carrot ingredients.
The Campbell Fresh team remains focused on returning its CPG business to
profitable growth with an emphasis on innovating the Bolthouse Farms
refrigerated beverage portfolio, while increasing health and well-being
convenient meals and snacks.

Campbell named Ana Dominguez, 46, as President, Campbell Fresh. She will
report to Morrison until a CAO is named. Dominguez joined Campbell in
2014 as President, Campbell Canada, from SC Johnson, where she worked
since 1997 in marketing and management roles. Under Dominguez’s
leadership, the Canadian business has demonstrated strong growth and
margin expansion in its key businesses. She succeeds Ed Carolan, who is
leaving Campbell to pursue another opportunity.

Changes to Corporate Strategy, Global Research and Development and
Integrated Global Services (IGS)

Emily Waldorf, 40, has been promoted to Senior Vice President, Corporate
Strategy, and will continue to lead enterprise strategy development,
planning and measurement. She will also lead strategy for the
Accelerator unit. She will continue to report to Morrison. Waldorf
joined Campbell in 2012 as Director, Corporate Development. She
previously held Corporate Development roles at Discovery Communications
and AT&T Corp., and served as a Special Advisor at the Federal Bureau of
Investigation.

Carlos Barroso, Senior Vice President, Global Research and Development,
will move to a strategic advisory role within the Campbell Snacks
business. Bethmara Kessler, who previously served as Senior Vice
President, Integrated Global Services, has left the company to pursue
other opportunities. Senior Vice President and Chief Financial Officer,
Anthony DiSilvestro will now oversee many of Campbell’s Integrated
Global Services, including Financial Planning and Analysis and
Information Technology.

Campbell Leadership Team

With these changes, the Campbell Leadership Team reporting to Morrison
now includes:

  • Luca Mignini, Chief Operating Officer
  • The open role of Chief Acceleration Officer
  • Anthony DiSilvestro, Senior Vice President and Chief Financial Officer
  • Bob Furbee, Senior Vice President, Global Supply Chain
  • Adam Ciongoli, Senior Vice President and General Counsel
  • Emily Waldorf, Senior Vice President, Corporate Strategy
  • Bob Morrissey, Senior Vice President and Chief Human Resources Officer

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. 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 our
iconic Campbell’s brand, our portfolio includes Pepperidge
Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal
Dansk, Kjeldsens
, Garden Fresh Gourmet, Pacific Foods, Snyder’s
of Hanover, Lance, Kettle Brand, KETTLE Chips, Cape Cod, Snack Factory
Pretzel Crisps, Pop Secret, Emerald, Late July
and other brand
names. 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 and Poor’s 500 and the Dow Jones
Sustainability Indexes. For more information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
To learn more about how we make our food and the choices behind the
ingredients we use, visit www.whatsinmyfood.com.

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 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) changes in consumer demand for the
company’s products and favorable perception of the company’s brands; (2)
the risks associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; (3) the impact of strong competitive responses
to the company’s efforts to leverage its brand power with product
innovation, promotional programs and new advertising; (4) changing
inventory management practices by certain of the company’s key
customers; (5) a changing customer landscape, with value and e-commerce
retailers expanding their market presence, while certain of the
company’s key customers continue to increase their significance to the
company’s business; (6) the company’s ability to realize projected cost
savings and benefits from its efficiency and/or restructuring
initiatives; (7) the company’s ability to manage changes to its
organizational structure and/or business processes, including selling,
distribution, manufacturing and information management systems or
processes; (8) product quality and safety issues, including recalls and
product liabilities; (9) the ability to complete and to realize the
projected benefits of acquisitions, divestitures and other business
portfolio changes, including with respect to the Snyder’s-Lance
acquisition; (10) disruptions to the company’s supply chain, including
fluctuations in the supply of and inflation in energy and raw and
packaging materials cost; (11) the uncertainties of litigation and
regulatory actions against the company; (12) the possible disruption to
the independent contractor distribution models used by certain of the
company’s businesses, including as a result of litigation or regulatory
actions affecting their independent contractor classification; (13) the
impact of non-U.S. operations, including trade restrictions, public
corruption and compliance with foreign laws and regulations; (14)
impairment to goodwill or other intangible assets; (15) the company’s
ability to protect its intellectual property rights; (16) increased
liabilities and costs related to the company’s defined benefit pension
plans; (17) a material failure in or breach of the company’s information
technology systems; (18) the company’s ability to attract and retain key
talent; (19) changes in currency exchange rates, tax rates, interest
rates, debt and equity markets, inflation rates, economic conditions,
law, regulation and other external factors; (20) unforeseen business
disruptions in one or more of the company’s markets due to political
instability, civil disobedience, terrorism, armed hostilities, extreme
weather conditions, natural disasters or other calamities; and (21)
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:
Ken
Gosnell, 856-342-6081
[email protected]
or
MEDIA
CONTACT:
Thomas Hushen, 856-342-5227
[email protected]