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Campbell Board Elects Sarah Hofstetter and Kurt Schmidt as Directors; Declares Quarterly Dividend

CAMDEN, N.J.–(BUSINESS WIRE)–Nov. 29, 2018–
Campbell Soup Company (NYSE: CPB) today announced that the
Campbell Board of Directors has elected Sarah Hofstetter and Kurt
Schmidt as members of the Board, effective today. These appointments
were previously announced as part of a settlement agreement with Third
Point LLC. The Board also declared a regular quarterly dividend on
Campbell’s capital stock of $0.35 per share. The quarterly dividend is
payable Jan. 28, 2019 to shareholders of record at the close of business
Jan. 9, 2019.

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https://www.businesswire.com/news/home/20181129005524/en/

SARAH HOFSTETTER (Photo: Business Wire)

SARAH HOFSTETTER (Photo: Business Wire)

“We welcome both Sarah and Kurt to Campbell’s Board of Directors,” said
Les Vinney, Chairman of the Board. “Sarah is an innovative marketing and
brand strategy expert, and Kurt is a seasoned executive within the
consumer-packaged goods industry. Their diverse knowledge and insight
will be invaluable to Campbell’s Board, management team and shareholders
as we continue to execute on our strategic plan to build a stronger and
more focused company that creates long-term value for all shareholders.”

Hofstetter is the President of Comscore, Inc., a global information and
analytics company that measures consumer audiences and advertising
across media platforms. She previously served as Chairwoman and Chief
Executive Officer of 360i, a U.S. advertising arm of Dentsu, Inc., a
Japanese advertising and public relations agency. Prior to 360i,
Hofstetter founded Kayak Communications, a marketing agency focused on
developing brand strategy and communications for new media brands.
Hofstetter graduated from Queens College, City University of New York
with a B.A. in Sociology.

Schmidt served as a director and Chief Executive Officer of Blue Buffalo
Company, Ltd. from 2012 through 2016. Prior to joining Blue Buffalo,
Schmidt was Deputy Executive Vice President at Nestlé S.A., where he was
responsible for the $8 billion Nestlé Nutrition division and served as a
member of the company’s Executive Committee. Schmidt joined Nestlé in
2007 as part of its acquisition of Gerber Products from Novartis, where
he was the President and Chief Executive Officer of Gerber Products
Company. Schmidt received a B.S. in Chemistry from the United States
Naval Academy and an MBA from the University of Chicago.

Schmidt has been appointed to the Board’s Governance Committee and the
Compensation and Organization Committee, and Hofstetter has been
appointed to the Finance and Corporate Development Committee.

With these additions, Campbell’s Board of Directors will increase from
12 to 14 members. Keith McLoughlin, interim President and Chief
Executive Officer, is the only member of management who sits on the
Board.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” For generations, people have trusted
Campbell to provide authentic, flavorful and affordable snacks, soups
and simple meals, and beverages. 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) the Company’s ability to execute
on and realize the expected benefits from the actions it intends to take
as a result of its recent strategy and portfolio review, (2) the ability
to differentiate its products and protect its category leading
positions, especially in soup; (3) the ability to complete and to
realize the projected benefits of planned divestitures and other
business portfolio changes; (4) the ability to realize the projected
benefits, including cost synergies, from the recent acquisitions of
Snyder’s-Lance and Pacific Foods; (5) the ability to realize projected
cost savings and benefits from its efficiency and/or restructuring
initiatives; (6) the Company’s indebtedness and ability to pay such
indebtedness; (7) disruptions to the Company’s supply chain, including
fluctuations in the supply of and inflation in energy and raw and
packaging materials cost; (8) 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; (9) the impact of strong competitive responses to the
Company’s efforts to leverage its brand power with product innovation,
promotional programs and new advertising; (10) the risks associated with
trade and consumer acceptance of product improvements, shelving
initiatives, new products and pricing and promotional strategies; (11)
changes in consumer demand for the Company’s products and favorable
perception of the Company’s brands; (12) changing inventory management
practices by certain of the Company’s key customers; (13) a changing
customer landscape, with value and e-commerce retailers expanding their
market presence, while certain of the Company’s key customers maintain
significance to the Company’s business; (14) product quality and safety
issues, including recalls and product liabilities; (15) the costs,
disruption and diversion of management’s attention associated with
campaigns commenced by activist investors; (16) the uncertainties of
litigation and regulatory actions against the Company; (17) 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; (18) the impact of non-U.S. operations, including trade
restrictions, public corruption and compliance with foreign laws and
regulations; (19) impairment to goodwill or other intangible assets;
(20) the Company’s ability to protect its intellectual property rights;
(21) increased liabilities and costs related to the Company’s defined
benefit pension plans; (22) a material failure in or breach of the
Company’s information technology systems; (23) the Company’s ability to
attract and retain key talent; (24) changes in currency exchange rates,
tax rates, interest rates, debt and equity markets, inflation rates,
economic conditions, law, regulation and other external factors; (25)
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 (26) 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

INVESTOR CONTACT:
Ken Gosnell
(856)
342-6081
[email protected]

MEDIA CONTACT:
Thomas Hushen
(856)
342-5227
[email protected]