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Campbell Appoints Jim Goldman President, North American Beverages And Sauces

CAMDEN, N.J., July 17, 2001 – Campbell Soup Company (NYSE: CPB) today announced the appointment of Jim Goldman as President of its North American Beverages and Sauces business unit. Goldman, 42, will report to President and Chief Executive Officer Douglas R. Conant and lead the newly-formed business unit, created to heighten executive attention to the company’s beverage, sauce and prepared foods brands, including “V8” and “V8 Splash,” “Prego,” “Pace” and “Franco-American.” Goldman will also be responsible for managing Campbell’s portfolio in Mexico, the Caribbean, and South America. His appointment is effective August 6, 2001.

Campbell previously announced the reorganization of its North American grocery operations into two separate business units, North American Soup and North American Beverages and Sauces. This is part of Conant’s revamping of Campbell’s corporate structure since he became CEO on January 8.

Goldman is a veteran of Nabisco and General Mills who has also worked at McKinsey & Company as a strategic consultant to consumer products companies. He joins Campbell from Nabisco, where he most recently served as President of the Life Savers Candy Company. During his two-year leadership of the Life Savers business, he delivered the best overall operating company performance within Nabisco and re-established the candy company as the leader in the non-chocolate candy category. Life Savers was also named confectionery company of the year during Goldman’s tenure.

Conant commented, “Jim has a proven track record for winning in the marketplace. His leadership of the Life Savers business at Nabisco was outstanding. Life Savers grew consumer takeaway by over 15 percent, off of a very large base, and introduced two of the industry’s most successful new products, Ice Breakers mints and Crème Savers candy. He has demonstrated an ability to grow the base business and to develop sustainable, highly profitable new businesses.”

Conant added, “Jim also shares my passion for winning in the workplace. He knows how to retain and attract talented people and give his team clear direction. I am confident he will lead our beverage, sauce and prepared foods teams to maximize their growth potential.”

Goldman has held several North American leadership positions at Nabisco in addition to his role at Life Savers. From 1996 to 1998, he led the Nabisco Margarine Company as President, responsible for a 650-person organization with $400 million in sales.

Goldman commented, “I am absolutely thrilled to be joining the Campbell Soup Company at this critical time in its history. I look forward to working alongside Campbell’s talented team to unleash the power of the company’s brands and their favorable market positions. The brands and geographies that I will be responsible for hold tremendous potential for growth as well as a highly meaningful opportunity to contribute to the success of the company, and I am eager to get started.”

Goldman earned a Bachelor of Arts degree in Psychology from Dartmouth College and a Master’s of Business Administration degree in Marketing from Cornell University.

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, beverage, 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” and “V8 Splash” juices, “Pace” Mexican sauces, “Prego” pasta sauces, “Franco- American” 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,” “Blå Band” and “McDonnells” brands. The company is ably supported by 24,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.