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Campbell Soup Company Names Mark A. Sarvary as President of Pepperidge Farm, Succeeding David L. Albright

CAMDEN, N.J., Jul 15, 2002 (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB)
today announced that Mark A. Sarvary, a former top executive at Nestle USA, has
been named President of Pepperidge Farm, Inc. effective August 1, 2002,
succeeding David L. Albright, who has decided to leave the company to pursue
personal plans. Sarvary, 43, who most recently served as Chief Executive Officer
of J. Crew Group, Inc. from 1999-2002, will report to Campbell President and
Chief Executive Officer Douglas R. Conant. Albright, 55, who joined Campbell in
1986 and has held his current role since 1996, will remain with the company
until late July, which is the end of Campbell’s fiscal year.

Conant commented, “David Albright has been an outstanding leader for Pepperidge
Farm and a valued member of our senior management team. As Campbell has invested
in Pepperidge Farm, Dave and his team have fully leveraged our investments to
strengthen this terrific franchise. The businesses and teams he has led have
consistently produced strong results. His passion for our people and our brands,
combined with his professionalism and commitment to excellence, have been his
personal trademarks. We greatly appreciate his contributions to Pepperidge Farm
and to Campbell. I respect his decision to move on and wish him all the best in
the future.”

During Albright’s six years as President, Pepperidge Farm significantly expanded
its franchise in cookies, crackers and fresh and frozen breads, and delivered
solid sales performance across its portfolio. Pepperidge Farm is now the leading
premium baked goods company in the U.S. and the fastest growing major brand in
the cookie and cracker categories. Under Albright’s leadership, “Goldfish”
crackers became the best-selling brand of cheese crackers for the first time at
retail in the most recent 26-week period. “Goldfish” crackers now hold the
number two position among all U.S. cracker brands.

Albright began his career at Campbell as General Manager of Pepperidge Farm’s
Biscuit Business Unit and Vice President of Marketing. In 1991 he was promoted
to President of Campbell’s Confectionary Group, which included Godiva Worldwide
and Continental Sweets, and guided the group to record sales and earnings.

Albright commented, “Pepperidge Farm has an incredibly bright future, not only
because of its record breaking growth rates today, but because of the
investments it is making in its future. Most importantly, the talent and passion
of the Pepperidge team is truly exceptional and, together, they will no doubt
continue to achieve extraordinary things.”

Sarvary joins Campbell with diverse management and marketing experience,
including six years in several senior management positions at Nestle USA. He
began at Nestle in 1993 as Vice President, Business Development of the company’s
Food Division, later becoming Vice President, Retail Confections of the
Chocolate Division. From 1995-1999 he held three different positions in Nestle’s
Frozen Food Division: Vice President, Marketing, Assistant General Manager and
President/General Manager. This division included “Stouffer’s” and “Lean
Cuisine,” two of the company’s largest and most profitable U.S. food brands.
Under his leadership the division’s sales increased significantly to $1.2
billion and profits hit record highs. Much of this growth resulted from the
successful launch of the new brand “Skillet Sensations.”

Conant commented, “Mark brings to Pepperidge Farm a strong combination of food
industry, management and consumer marketing experience. He has managed large and
complex consumer businesses. He has proven know-how in production and
distribution. His focus on breakthrough thinking and innovation, as well as his
commitment to winning in the workplace, all make him well suited to lead one of
Campbell’s strongest businesses. He joins the Pepperidge Farm team at a time
when they are well positioned to continue their strong sales growth track record
and produce good top and bottom line results. We are delighted to have someone
of his professional caliber join our organization.”

From 1988-1992, Sarvary was a management consultant with Bain and Company and
from 1981-1988 was an Account Manager and later Marketing Manager with IBM in
the United Kingdom.

Sarvary earned a Bachelor of Science degree in Physics from Kent University in
the United Kingdom and a Masters of Business Administration degree from INSEAD
in France.

“The opportunity to work with Pepperidge Farm, one of America’s favorite brands,
and the team of people who are responsible for its excellence, is fantastic,”
Sarvary said. “The company’s strong foundation provides a very competitive
platform for continued innovation and growth. I look forward to harnessing the
power of Pepperidge Farm’s people and its products to produce top quality
results in every aspect of the business.”

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

CONTACT:          Campbell Soup Company
Media:
Elizabeth Bingham Douglass, 856/342-3813
or
Pepperidge Farm
Nan Redmond, 203/846-7395
or
Analysts:
Leonard F. Griehs, 856/342-6428