Denise Morrison Out as CEO in Campbell Shakeup
Following four consecutive years of sales declines, Campbell Soup Co. revealed that CEO and Board Director Denise M. Morrison would retire with immediate effect on May 18. Assuming the role of interim CEO is Keith R. McLoughlin, the former president and CEO of global household appliance manufacturer Electrolux AB and a Campbell board member since 2016.
McLoughlin will remain on the board to smooth the sudden leadership transition, while recently promoted COO Luca Mignini will devote his energies to integrating the newly acquired Snyder’s-Lance and Pacific Foods companies and stabilizing Campbell's U.S. soup business.
“Denise has been a passionate advocate and leader over her 15 years with the company,” noted Campbell Board Chairman Les C. Vinney. “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.”
“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,” said Morrison, who, among her many industry honors, was chosen as a Progressive Grocer Top Woman in Grocery in 2007, 2008, 2009 and 2010. “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 described McLoughlin as “a talented and experienced business leader [who] 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.”
“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,” said McLoughlin, who retired from Electrolux in 2016 and earlier in his career held senior leadership roles at E. I. du Pont de Nemours and Co. “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.”
In the wake of Morrison’s seven-year stint at the top, during which she led the charge for Campbell’s departure from the Grocery Manufacturers Association, the company will undergo a comprehensive strategic review.
“Looking ahead, we will be reviewing all aspects of our strategic plans and portfolio composition,” said CFO Anthony DiSilvestro in discussing the company’s third-quarter results, which were posted the same day as Morrison’s retirement. “We anticipate that our review, which will take several months to complete, will lead to changes designed to improve our operating performance.”
Camden, N.J.-based Campbell’s iconic brand 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, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.