- Luca Mignini Named Chief Operating
Officer, Responsible for Core Soup, Simple Meals, Shelf-Stable
Beverages, and Global Biscuits and Snacks Businesses
- Company Creates New Accelerator Unit
to Drive Growth in Faster-growing Spaces, Including Campbell
Fresh
- Ana Dominguez Named President of
Campbell Fresh
- Emily Waldorf Promoted to Senior
Vice President of Corporate Strategy
Campbell Soup Company (NYSE:CPB) today announced a
strategic reorganization that will better position the company to
capitalize on the rapidly changing food industry landscape, while
more closely aligning the business with the company’s three growth
strategies: optimize the value of the core; increase health and
well-being food, beverages and snacks; and, accelerate distribution
and new business models.
This new structure organizes Campbell’s core business
operations—including its important soup, simple meals and
shelf-stable beverages portfolios and its powerful snacks
portfolio—under the leadership of Luca Mignini as Chief Operating
Officer (COO). Campbell will create a new Accelerator unit to
continue to expand in faster-growing spaces and invest in
high-growth areas. As part of the reorganization, Campbell Fresh
will become part of the Accelerator unit to realize the growth
potential of the packaged fresh category. The new unit will also be
responsible for long-term innovation, small brand incubation,
future consumer experiences, e-commerce and new distribution
models.
Denise Morrison, Campbell’s President and Chief Executive
Officer said, “The transformative Snyder’s-Lance acquisition served
as a catalyst for us to re-examine how to best organize the company
for increased emphasis on execution and profitable growth. This
strategic reorganization—focused on our core, the integration of
recent acquisitions, the Campbell Fresh turnaround and long-term
growth—provides the right structure for us to optimize the value of
our businesses today, while creating future-oriented capabilities.
It will simplify our operations, improve our execution and enable
us to allocate resources with a greater focus on profitable
growth.”
Chief Operating Officer Oversees Core Businesses
Luca Mignini, 55, Campbell’s President, Global Biscuits and
Snacks, will gain additional responsibilities and has been named
COO. Mignini will continue to report to Morrison. He joined
Campbell in 2013 as President, Campbell International. Previously,
he spent more than two years as the CEO of the Findus Italy
division of IGLO Group, Europe’s largest frozen food business.
Before that, Mignini worked at SC Johnson for more than 20
years.
Morrison said, “Since joining Campbell, Luca has proven himself
a superb strategist and strong executor with a keen understanding
of the critical details of all our businesses. He has led our
best-performing division, Global Biscuits and Snacks, and helped
engineer the acquisition of The Kelsen Group and more recently
Snyder’s-Lance. I am confident in Luca’s ability to lead our core
businesses, oversee the integration of Pacific Foods and
Snyder’s-Lance, and deliver improved execution and
performance.”
In addition to continuing to oversee the Global Biscuits and
Snacks portfolio, including Arnott’s, Kelsen, the recently created
Campbell Snacks unit (the combined Pepperidge Farm and
Snyder’s-Lance brands) and the simple meals and shelf-stable
beverages business in Asia Pacific and Australia, Mignini will now
also lead the following businesses and functions:
- Campbell’s Meals and Beverages, which
includes the company’s important U.S. soup, simple meals and
shelf-stable beverages portfolio, as well as the Plum, Pacific
Foods, North America Food Service, Canada and Latin America
businesses;
- The company’s U.S. Sales organization;
and,
- The global product development group
within Research and Development.
Mignini said, “Creating a single organization across Campbell’s
core businesses will make us more agile and lead to more effective
portfolio management to ensure that resources are invested in the
areas with the greatest growth potential. I am confident this
simplified model will position these businesses for better
performance going forward. My immediate focus is on maintaining
momentum in our existing snacks portfolio, integrating
Snyder’s-Lance and Pacific Foods, and stabilizing the U.S. soup
portfolio.”
New Accelerator Unit Focused on Faster-growing Spaces and
Future Growth
Campbell is creating a new unit focused on accelerating
innovation, driving long-term growth and developing new business
models that will shape the future of food. The Accelerator will
consist of the Campbell Fresh business, the company’s existing
Digital and e-Commerce unit and a network of cross-functional teams
that can be rapidly deployed against key growth priorities. It will
include important capabilities and functions spanning strategy,
innovation, consumer experience and new distribution models.
Morrison said, “Campbell’s Accelerator unit is designed to drive
growth and build critical capabilities with an agile and dynamic
operating model that, over time, will expand to other parts of the
company and become the way we work in the future.”
The company has initiated an external search for a Chief
Acceleration Officer (CAO), reporting to Morrison, to lead the new
unit and to fast-track transformation and future growth
opportunities. The Accelerator unit will include:
- Consumer Experience: responsible for
identifying the foresights, insights, culinary and consumer trends
across Campbell categories that will drive future growth and
deliver modern marketing capabilities and services.
- Long-term Innovation: responsible for
filling the innovation funnel by creating new categories, product
platforms and business models. This group will also include
Campbell's Science and Technology organization.
- Small Brand and Startup Incubation:
responsible for leading the creation, incubation and development of
small brands and startups, as well as the identification and
cultivation of external partnerships.
Campbell’s established Digital and e-Commerce unit will become
part of the Accelerator. The team will continue to lead enterprise
e-Commerce strategy and capabilities, scale digital marketing
efforts and help to develop more agile and flexible distribution
models.
Campbell Fresh will also become part of the Accelerator unit to
maintain focus on turning the business around and to achieve growth
rates consistent with the packaged fresh category. Campbell Fresh
includes Bolthouse Farms portfolio of refrigerated beverages and
salad dressings; Garden Fresh Gourmet salsa, hummus, dips and
tortilla chips; the U.S. refrigerated soup business; and, fresh
carrots and carrot ingredients. The Campbell Fresh team remains
focused on returning its CPG business to profitable growth with an
emphasis on innovating the Bolthouse Farms refrigerated beverage
portfolio, while increasing health and well-being convenient meals
and snacks.
Campbell named Ana Dominguez, 46, as President, Campbell Fresh.
She will report to Morrison until a CAO is named. Dominguez joined
Campbell in 2014 as President, Campbell Canada, from SC Johnson,
where she worked since 1997 in marketing and management roles.
Under Dominguez’s leadership, the Canadian business has
demonstrated strong growth and margin expansion in its key
businesses. She succeeds Ed Carolan, who is leaving Campbell to
pursue another opportunity.
Changes to Corporate Strategy, Global Research and
Development and Integrated Global Services (IGS)
Emily Waldorf, 40, has been promoted to Senior Vice President,
Corporate Strategy, and will continue to lead enterprise strategy
development, planning and measurement. She will also lead strategy
for the Accelerator unit. She will continue to report to Morrison.
Waldorf joined Campbell in 2012 as Director, Corporate Development.
She previously held Corporate Development roles at Discovery
Communications and AT&T Corp., and served as a Special Advisor
at the Federal Bureau of Investigation.
Carlos Barroso, Senior Vice President, Global Research and
Development, will move to a strategic advisory role within the
Campbell Snacks business. Bethmara Kessler, who previously served
as Senior Vice President, Integrated Global Services, has left the
company to pursue other opportunities. Senior Vice President and
Chief Financial Officer, Anthony DiSilvestro will now oversee many
of Campbell’s Integrated Global Services, including Financial
Planning and Analysis and Information Technology.
Campbell Leadership Team
With these changes, the Campbell Leadership Team reporting to
Morrison now includes:
- Luca Mignini, Chief Operating
Officer
- The open role of Chief Acceleration
Officer
- Anthony DiSilvestro, Senior Vice
President and Chief Financial Officer
- Bob Furbee, Senior Vice President,
Global Supply Chain
- Adam Ciongoli, Senior Vice President
and General Counsel
- Emily Waldorf, Senior Vice President,
Corporate Strategy
- Bob Morrissey, Senior Vice President
and Chief Human Resources Officer
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
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
(1) changes in consumer demand for the company’s products and
favorable perception of the company’s brands; (2) the risks
associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; (3) the impact of strong competitive
responses to the company’s efforts to leverage its brand power with
product innovation, promotional programs and new advertising; (4)
changing inventory management practices by certain of the company’s
key customers; (5) a changing customer landscape, with value and
e-commerce retailers expanding their market presence, while certain
of the company’s key customers continue to increase their
significance to the company’s business; (6) the company’s ability
to realize projected cost savings and benefits from its efficiency
and/or restructuring initiatives; (7) 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; (8) product quality
and safety issues, including recalls and product liabilities; (9)
the ability to complete and to realize the projected benefits of
acquisitions, divestitures and other business portfolio changes,
including with respect to the Snyder’s-Lance acquisition; (10)
disruptions to the company’s supply chain, including fluctuations
in the supply of and inflation in energy and raw and packaging
materials cost; (11) the uncertainties of litigation and regulatory
actions against the company; (12) 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; (13) the impact of non-U.S. operations, including
trade restrictions, public corruption and compliance with foreign
laws and regulations; (14) impairment to goodwill or other
intangible assets; (15) the company’s ability to protect its
intellectual property rights; (16) increased liabilities and costs
related to the company’s defined benefit pension plans; (17) a
material failure in or breach of the company’s information
technology systems; (18) the company’s ability to attract and
retain key talent; (19) changes in currency exchange rates, tax
rates, interest rates, debt and equity markets, inflation rates,
economic conditions, law, regulation and other external factors;
(20) 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 (21) 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180405006209/en/
Campbell Soup CompanyINVESTOR
CONTACT:Ken Gosnell,
856-342-6081Ken_Gosnell@campbellsoup.comorMEDIA CONTACT:Thomas Hushen,
856-342-5227Thomas_Hushen@campbellsoup.com
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