CAMDEN, N.J., April 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:
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:
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:
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 stage.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.
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.
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