CAMDEN, N.J., JUNE 28, 2001 – Campbell Soup Company (NYSE: CPB) today announced that George M. Sherman has been elected Chairman of the Board, effective August 1, 2001. Sherman, 59, a Campbell Director since 1995, succeeds Philip E. Lippincott, 65, who became Campbell’s Chairman in August 1999 and agreed at that time to serve for two years. Lippincott has been a Campbell Director since 1984 and will continue to serve on the Campbell Board. Campbell’s President and Chief Executive Officer, Douglas R. Conant, was appointed on January 8, 2001.
Sherman was President and Chief Executive Officer of Danaher Corporation from 1990 until May 1, 2001. Danaher is a leading manufacturer of process/environmental controls and tools, and components. Under Sherman’s leadership during the past decade, Danaher’s sales and earnings per share grew, respectively, at a 15% and 21% compounded annual rate. Overall, annual sales increased from $750 million to $3.8 billion. Sherman led a major global expansion of Danaher’s operations through a combination of core growth and acquisitions, increasing sales outside the U.S. from 10% to 32%. During the past 10 years, Danaher’s compounded annual return to shareowners was 33%, which is nearly twice the rate of return of the S&P 500 during the same period.
Prior to Danaher, Sherman was the number two executive at Black & Decker Corporation, where he was corporate Executive Vice President and President of the $3 billion Power Tools and Home Improvement Group. He began his career at General Electric Company.
Commenting on Sherman’s election, Lippincott said, “George Sherman is an outstanding business leader with an exceptional track record of success. His vast experience in meeting customer and consumer needs, his strategic capabilities and commitment to building shareowner wealth will all serve Campbell well. He has been a strong presence on our Board during the past six years and I am confident he will be an excellent Chairman.”
Lippincott added, “I have been honored to lead the Campbell Board during these past two years and am pleased that this transition has gone according to plan. With George overseeing the work of the Board, and Doug Conant and his management team focusing on developing and executing the company’s strategic plans, Campbell is ready to aggressively move forward.” Lippincott is former Chairman and Chief Executive Officer of Scott Paper Company and is the longest serving member of the Campbell Board.
Sherman commented, “I am delighted with the opportunity to lead the Campbell Board, which has a strong record of corporate governance. We plan to continue to build on that record. Phil Lippincott has done an excellent job as Chairman and I look forward to his continued counsel. I am also eager to work in partnership with Doug Conant and his team. Campbell’s brand portfolio, financial foundation and talented team provide the basis for driving profitable growth across the portfolio.”
Conant said, “I have great respect for George Sherman’s business results and for his leadership skills. I look forward to working closely with him to build shareowner wealth.”
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 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 also owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,”* “Royco,” Liebig,” “Heisse Tasse,” “Blå Band” and “McDonnells” brands. The company is ably supported by more than 24,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.
*Licensed to Campbell by Lesieur Alimentaire S.A.