CAMDEN, N.J., February 1, 2001 — Campbell Soup Company (NYSE: CPB) announced today that Basil L. Anderson, 56, Executive Vice President and Chief Financial Officer, has decided to retire on April 30, following his fifth anniversary with the company.

“The past five years have been a wonderful experience and I am pleased to have been a part of the many positive changes at Campbell. I am confident that Campbell has a bright future,” Anderson said. “At this stage in my career, however, I want to pause and reflect on the best direction for my life and my family. I intend to pursue opportunities for personal growth and development before committing to any of the business opportunities currently available to me.”

Campbell President and Chief Executive Officer Douglas R. Conant commented, “Basil informed me that he was considering this at our very first meeting. He confirmed his decision following the announcement this week of our acquisition of European soup and sauce businesses from Unilever. I have witnessed first-hand Basil’s impressive skills on that project. He has made many important contributions to Campbell, including building a strong financial team. I wish him well as he moves forward.”

Conant added, “We will announce Basil’s successor shortly. I am pleased that Basil has indicated his willingness to help in what I am confident will be a smooth transition.”

Anderson joined Campbell on April 1, 1996 and was a key architect in the strategic reshaping of the company, including acquisitions in Europe, a tripling of cost reductions, and a portfolio reconfiguration that led to the sale or spin-off of non-strategic businesses with sales of more than $2.5 billion. His focus on enhanced asset utilization led to an improved capital spending process, better working capital management and the outsourcing of several operations, including can-making and poultry processing.

“Rarely do I meet someone with Basil’s talent, integrity and leadership,” said David W. Johnson, Campbell’s former President and CEO. “His ability to simplify strategic issues and communicate at all levels are among his greatest strengths. I wish him the best as he continues on his path of personal growth.”

Before joining Campbell, Anderson had a distinguished 20-year career at Scott Paper Company, serving as Treasurer from 1987 to 1991 and CFO and Treasurer from 1992 to 1996. Campbell Chairman Philip E. Lippincott, who was formerly Chairman and CEO of Scott Paper, said, “Basil has won the respect of business leaders around the country. We will miss his intellect and insights, but we respect his desire to pursue a new direction at this stage in his career.”

Anderson is a member of the Board of Directors of Staples, Inc. where he chairs the Audit Committee.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of premium quality soup, sauces, beverages, biscuits, confectionery, and prepared food products. The company owns a portfolio of more than 20 market-leading brands 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, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company is ably supported by more than 22,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.

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