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Campbell Announces Two Organization Moves: New Division Formed for Expanded International Businesses; Head of North American Soup is Leaving Company

CAMDEN, N.J., Aug 28, 2002 (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB)
today announced the formation of a new division to align and grow its expanded
international businesses. The new division represents approximately $1.3 billion
of Campbell’s $6.7 billion in annual sales, making it the company’s
second-largest operating unit. Recent acquisitions in Europe and Australia have
nearly doubled Campbell’s sales outside of North America. John Doumani,
currently President of Campbell Asia/Pacific, will lead the new division. As
President of Campbell International, Doumani, 45, will oversee all Campbell
operations in Asia/Pacific and Europe and will report to President and Chief
Executive Officer Douglas R. Conant.

In addition, Campbell announced that Andrew K. Hughson, President of North
American Soup, is leaving the company. Larry McWilliams, 46, Senior Vice
President and Chief Customer Officer, will lead the division on an interim basis
until a permanent successor is named. McWilliams’ general management experience
includes being Senior Vice President and General Manager of the Minute Maid
Company N.A., a $1.7 billion division of the Coca Cola Company. As the senior
executive overseeing Campbell’s retail sales organization, McWilliams has played
a key role in the company’s strategy to revitalize its core U.S. Soup business.
He joined Campbell in March 2001.

Hughson, 47, joined Campbell in 1996 as President of its Canadian business unit.
He was named President of Campbell Asia/Pacific in 1997. In April 2001, he was
appointed to lead the newly created North American Soup Division.

Conant commented, “Andrew Hughson has provided strong leadership for Campbell in
three important assignments. He has earned the respect of his colleagues for his
dedication to Campbell, our brands, and our people. We appreciate Andrew’s
contributions and wish him the very best in the future.”

Conant continued, “We have made meaningful progress toward revitalizing our U.S.
soup business in the first year of our Transformation Plan. Teams across every
function have executed the foundation work outlined in our plan. We have
maintained our focus on growing our ready-to-serve portfolio while taking steps
to stabilize our condensed business. We are leveraging our technology and
expertise to enhance quality. We are pursuing an aggressive innovation program
to improve convenience and attract new users. And we have strengthened our
ability to execute at retail. With new leadership, I am confident we will build
on this progress and realize the full potential of our Transformation Plan for
our U.S. soup franchise.”

Campbell will release its fourth quarter and fiscal year 2002 results on
September 5. The company said today it expects to announce diluted earnings per
share at or slightly above its previous guidance of $1.30, excluding the impact
of its Australian manufacturing reconfiguration, for the fiscal year ended July
28, 2002.

Today’s announcement of a new international division is part of Conant’s
realignment of Campbell’s operating structure since he became CEO in January
2001. Shortly after being named to the position, he created four new global
functions, each led by a senior executive, to leverage Campbell’s scale in its
supply chain, customer relations, strategic planning and information technology.
In April 2001, Conant created Campbell’s Food and Beverage Division to provide
greater executive focus to Campbell’s non-soup U.S. brands, including “V8”
vegetable juices, “Prego” Italian sauces, “Pace” Mexican sauces, and
“Franco-American” canned pasta and gravies. This division represents
approximately $1.2 billion of Campbell’s annual sales.

Commenting on the new international division, Conant said, “We have made
strategic acquisitions which significantly enhance our international growth
opportunities. The new scale of our operation demands a higher level of
attention so that we can realize the full potential of our larger portfolio. By
combining these valuable brands and businesses, we will enhance our ability to
create integrated growth platforms, assess and execute additional acquisitions
and alliances, and leverage our increased scale.”

In May 2001, Campbell acquired market-leading dry soup and sauce brands in
Europe from Unilever for approximately $950 million. The newly acquired brands
include “Oxo” and “Batchelor’s” in the U.K. and “Heisse Tasse” in Germany. In
July 2002, Campbell acquired Snack Foods Limited, a leader in the growing
salty-snack category in Australia, for approximately $145 million. Also in July,
the company announced its intention to purchase Erin Foods, Ireland’s second
largest dry soup business, for approximately $26 million. Campbell is awaiting
regulatory approval to complete the transaction.

Doumani joined Campbell in 1999 as Managing Director of Arnott’s, Australia’s
leading biscuit company. He was named to the additional post of President,
Campbell Asia/Pacific in 2000, responsible for the Campbell and Arnott’s
businesses in Australia, New Zealand, Papua-New Guinea, Indonesia, South Asia
and Greater China. Under Doumani’s leadership, the Asia/Pacific Division has
delivered top line growth of 7 percent per year and instituted an aggressive
innovation program for Arnott’s biscuits. Prior to Campbell, Doumani’s
management experience included 13 years with Johnson & Johnson in Australia,
Europe and North America.

Conant said, “John Doumani is one of Campbell’s most talented executives and is
the ideal leader for this new organization. He has consistently demonstrated
outstanding leadership by building our business in the marketplace and by
building a talented team in the workplace. I am confident that John will bring
the executive focus and commitment to innovation that is required for Campbell
to win with consumers in these competitive geographies.”

As part of its new international management team, Campbell also announced the
following appointments:

    —  Anthony DiSilvestro, 43, has been appointed Vice President and
Managing Director of Campbell International, overseeing
finance, strategic planning and administration. DiSilvestro
has been a Campbell executive since 1995, serving as
Treasurer, Controller-North American Soup and Sauces, and most
recently, Vice President of Strategic Planning and Corporate
Development.
— Brian Mirsky, 48, has been appointed President of Campbell
Europe. Mirsky was named Managing Director of Campbell’s
operations in the U.K. and Ireland in June. Previously, he led
Campbell Canada to share growth across all business segments
during his four-year tenure, beginning in 1998. Prior to
Campbell, Mirsky held sales, marketing and management
positions with H.J. Heinz, Pizza Hut and was President of
Pillsbury Canada. He succeeds Pierre Laubies, 46, who
previously announced his intention to leave Campbell in
September. A successor to Mirsky to lead U.K./Ireland is
expected to be named shortly.
— An external search for a successor to Doumani as President of
Campbell’s Asia/Pacific operations is underway. In the
interim, Asia/Pacific will continue to report directly to
Doumani.
Forward-Looking Statements

This release contains “forward-looking statements” which reflect the company’s
current expectations about its future performance. These forward-looking
statements rely on a number of assumptions and estimates which could be
inaccurate and which are subject to risks and uncertainties. Actual results
could vary materially from those anticipated or expressed in any forward-looking
statement made by the company. Please refer to the company’s most recent Form
10-K and subsequent filings for a further discussion of these risks and
uncertainties. 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.

    About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high quality
soup, sauces, beverages, biscuits, confectionery and prepared food products. The
company owns a portfolio of more than 20 market-leading businesses each with
more than $100 million in sales. They include “Campbell’s” soups worldwide,
“Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm”
cookies and crackers, “V8” vegetable juices, “V8 Splash” juice beverages, “Pace”
Mexican sauces, “Prego” Italian sauces, “Franco-American” canned pastas and
gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s”
biscuits in Australia and “Godiva” chocolates around the world. The company also
owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,”
“Lesieur,” “Royco,” “Liebig,” “Heisse Tasse,” “Bla Band” and “McDonnells”
brands. The company is ably supported by approximately 24,000 employees
worldwide. For more information on the company, visit Campbell’s website on the
Internet at www.campbellsoup.com.

CONTACT:          Campbell Soup Company (Media)
Jerry S. Buckley, (856) 342-6007
or
Campbell Soup Company (Analysts)
Leonard F. Griehs, (856) 342-6428