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Campbell Names Mark A. Clouse President, Chief Executive Officer and a Director of the Board

Clouse to Become 14th Leader in Campbell’s
150-year History

CAMDEN, N.J.–(BUSINESS WIRE)–Dec. 20, 2018–
Campbell Soup Company (NYSE: CPB) today announced that its Board
of Directors has elected Mark A. Clouse, 50, as President and CEO of
Campbell effective Jan. 22, 2019. Clouse, who previously served as CEO
of Pinnacle Foods, Inc., will succeed Campbell’s interim President and
CEO Keith McLoughlin, who will remain a Director of the company and will
work closely with Clouse to ensure a seamless transition. Clouse also
has been elected a Director.

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Campbell Names Mark A. Clouse President, Chief Executive Officer and a Director of the Board. (Photo ...

Campbell Names Mark A. Clouse President, Chief Executive Officer and a Director of the Board. (Photo: Business Wire)

Clouse brings more than 20 years of experience in the food industry,
holding senior management positions at leading companies with iconic
center-store brands, including Mondelēz International, Inc., Kraft Foods
Inc. and Pinnacle Foods. Throughout his career, Clouse has consistently
demonstrated an ability to enhance growth and create shareholder value
through investments in a company’s existing brands and through
acquisitions.

“Mark Clouse is an outstanding leader with a proven track record of
operational excellence, and we are excited to name him as Campbell’s
next President and CEO,” said Les Vinney, Chairman of the Board. “Mark’s
leadership as CEO of Pinnacle Foods shows a clear track record of
delivering solid revenue and earnings growth and generating significant
value for shareholders. Over the last several months, the Campbell Board
conducted a thorough search process, and we are confident that Mark is
the right person to continue our turnaround plan and lead Campbell to
future growth. He brings a wealth of experience in the food industry, as
well as a fresh perspective on the opportunities and challenges before
us. Mark was the Board’s top choice due to his success leading
organizations through significant transformations and his history of
delivering strong results. We are eager to begin working with him as we
continue to build a stronger and more focused Campbell.”

Consistent with the terms of the settlement agreement between Third
Point and Campbell, Third Point provided constructive input into the CEO
search process and fully supports the Campbell Board’s decision to name
Clouse President and CEO.

“I am honored to lead Campbell and its portfolio of iconic brands into
the next chapter of the company’s storied history,” said Clouse. “I am
committed to delivering Campbell’s strategic objectives and look forward
to partnering with the Board and working alongside the company’s many
talented employees to deliver sustainable, long-term growth. I am
confident that together we can build a prosperous future for Campbell
and all of its stakeholders.”

During Clouse’s two-and-a-half-year tenure as CEO of Pinnacle Foods,
Pinnacle consistently grew or maintained market share in each of its top
categories, delivered double-digit adjusted EPS growth, and successfully
integrated the Boulder Brands acquisition creating significant
shareholder value.

Clouse joined Pinnacle Foods from Mondelēz International, where he
served as Chief Commercial Officer and Chief Growth Officer, with
responsibility for the company’s growth strategy and key functions
including corporate strategy, global marketing, global sales, and
research, development and quality. Throughout his 20-year tenure at
Kraft, Clouse served in a range of leadership positions managing food
brands in developed markets and entrepreneurial global businesses in
emerging markets such as Brazil and China.

Prior to joining Kraft, Clouse served in the United States Army as a
pilot and completed his service as a Captain. Clouse is a graduate of
the U.S. Military Academy at West Point and holds a Bachelor of Science
in Economics.

Vinney added, “I want to thank Keith McLoughlin for his service as
Campbell’s interim CEO during this important time. Under Keith’s steady
leadership, we have made significant progress in focusing the company,
increasing operational discipline and executing our plans to improve
performance. The Campbell turnaround has begun, and the company stands
well positioned for success as Mark steps into the CEO role. I look
forward to continuing to work with Keith as an active member of
Campbell’s 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: 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, the ability to
differentiate its products and protect its category leading positions,
especially in soup; the ability to complete and to realize the projected
benefits of planned divestitures and other business portfolio changes;
the ability to realize the projected benefits, including cost synergies,
from the recent acquisitions of Snyder’s-Lance and Pacific Foods; the
ability to realize projected cost savings and benefits from its
efficiency and/or restructuring initiatives; the Company’s indebtedness
and ability to pay such indebtedness; disruptions to the Company’s
supply chain, including fluctuations in the supply of and inflation in
energy and raw and packaging materials cost; 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; the impact of strong
competitive responses to the Company’s efforts to leverage its brand
power with product innovation, promotional programs and new advertising;
the risks associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; changes in consumer demand for the Company’s
products and favorable perception of the Company’s brands; changing
inventory management practices by certain of the Company’s key
customers; 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;
(product quality and safety issues, including recalls and product
liabilities; the costs, disruption and diversion of management’s
attention associated with campaigns commenced by activist investors; the
uncertainties of litigation and regulatory actions against the Company;
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; the impact of non-U.S. operations, including
trade restrictions, public corruption and compliance with foreign laws
and regulations; impairment to goodwill or other intangible assets; the
Company’s ability to protect its intellectual property rights; increased
liabilities and costs related to the Company’s defined benefit pension
plans; a material failure in or breach of the Company’s information
technology systems; the Company’s ability to attract and retain key
talent; changes in currency exchange rates, tax rates, interest rates,
debt and equity markets, inflation rates, economic conditions, law,
regulation and other external factors; 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 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]