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Campbell Soup Company Announces CEO Transition Plan

CAMDEN, N.J.–(BUSINESS WIRE)–May 18, 2018–
Campbell Soup Company (NYSE:CPB) today announced that Denise M.
Morrison, President and Chief Executive Officer (CEO) and a Director,
has chosen to retire effective today. Keith R. McLoughlin, 61, a
Campbell Board member since 2016, has been named interim CEO and will
also remain a member of the Board to facilitate an orderly transition in
management while recently elevated Chief Operating Officer Luca Mignini
focuses on the integration of newly acquired Snyder’s-Lance and Pacific
Foods and stabilizing the company’s U.S. soup business.

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https://www.businesswire.com/news/home/20180518005237/en/

Keith McLoughlin (Photo: Business Wire)

Keith McLoughlin (Photo: Business Wire)

Les C. Vinney, Chairman of the Board, said, “Denise has been a
passionate advocate and leader over her 15 years with the company. She
has made many important contributions over the past seven years as Chief
Executive Officer to reposition Campbell in the rapidly changing food
industry. Denise has been able to significantly transform Campbell’s
portfolio into the faster-growing snacking category with the acquisition
of Snyder’s-Lance and increased the company’s focus on health and
well-being with brands like Pacific Foods. Her actions have helped to
enhance the long-term growth potential of Campbell. On behalf of the
Board, I want to thank Denise for her dedicated service and wish her the
best.”

Denise Morrison said, “I am proud of Campbell’s accomplishments and how
we have transformed our portfolio amid changing consumer tastes for food
and health and well-being. It has been an honor to lead this iconic
company and exceptional team, and I am confident that Campbell will
enjoy continued success for many years to come.”

Vinney continued, “We are fortunate to have on our Board a talented and
experienced business leader in Keith who is prepared to step into the
CEO position on an interim basis. Keith is deeply familiar with our
strategy, our team and our brands, and we are confident in his ability
to lead the company during this transitional period.”

McLoughlin said, “Having been a Director and observing the company over
an extended period of time, I know where Campbell has been and where
it’s headed, and am excited to lead the company as we continue to work
to increase value for all our stakeholders. I am eager to begin working
with our talented team as we strive to accelerate our growth strategy,
improve our execution and deliver shareholder value.”

About Keith R. McLoughlin

Keith R. McLoughlin was President and Chief Executive Officer of
Electrolux AB, a global manufacturer of major household appliances, from
2011 until February 2016. McLoughlin joined Electrolux AB in 2003 as
head of Major Appliances North America and Executive Vice President of
Electrolux AB. Between 2004 and 2007, he also served as head of Major
Appliances Latin America. From 2009 until 2011, he served as Chief
Operations Officer and Executive Vice President, Electrolux AB. He was
appointed President and Chief Executive Officer of Electrolux AB in
2011, a position he held until his retirement in January 2016.

Before joining Electrolux AB, McLoughlin spent 22 years in senior
leadership roles at E. I. du Pont de Nemours and Company, leading
several consumer brand businesses including DuPont Corian®, DuPont
Stainmaster® carpet and DuPont Tyvek®.

McLoughlin graduated from the United States Military Academy at West
Point with a Bachelor of Science in engineering. He is a member of the
Board of Directors at Briggs & Stratton Corporation. He has served as an
independent director on Campbell’s Board of Directors since 2016.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. For
generations, people have trusted Campbell to provide authentic,
flavorful and readily available foods and beverages that connect them to
each other, to warm memories and to what’s important today. Led by our
iconic Campbell’s brand, our portfolio includes Pepperidge Farm,
Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk,
Kjeldsens, Garden Fresh Gourmet, Pacific Foods, Snyder’s of Hanover,
Lance, Kettle Brand, KETTLE Chips, Cape Cod, Snack Factory Pretzel
Crisps, Pop Secret, Emerald, Late July
and other brand names.
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 & 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 organizational developments
discussed in this press release as well as 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

Campbell Soup Company
INVESTOR CONTACT
Ken
Gosnell, 856-342-6081
[email protected]
or
MEDIA
CONTACT
Thomas Hushen, 856-342-5227
[email protected]