Clouse to Become 14th Leader
in Campbell’s 150-year History
Campbell Soup Company (NYSE: CPB) today announced that
its Board of Directors has elected Mark A. Clouse, 50, as President
and CEO of Campbell effective Jan. 22, 2019. Clouse, who previously
served as CEO of Pinnacle Foods, Inc., will succeed Campbell’s
interim President and CEO Keith McLoughlin, who will remain a
Director of the company and will work closely with Clouse to ensure
a seamless transition. Clouse also has been elected a Director.
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Campbell Names Mark A. Clouse President,
Chief Executive Officer and a Director of the Board. (Photo:
Business Wire)
Clouse brings more than 20 years of experience in the food
industry, holding senior management positions at leading companies
with iconic center-store brands, including Mondelēz International,
Inc., Kraft Foods Inc. and Pinnacle Foods. Throughout his career,
Clouse has consistently demonstrated an ability to enhance growth
and create shareholder value through investments in a company’s
existing brands and through acquisitions.
“Mark Clouse is an outstanding leader with a proven track record
of operational excellence, and we are excited to name him as
Campbell’s next President and CEO,” said Les Vinney, Chairman of
the Board. “Mark’s leadership as CEO of Pinnacle Foods shows a
clear track record of delivering solid revenue and earnings growth
and generating significant value for shareholders. Over the last
several months, the Campbell Board conducted a thorough search
process, and we are confident that Mark is the right person to
continue our turnaround plan and lead Campbell to future growth. He
brings a wealth of experience in the food industry, as well as a
fresh perspective on the opportunities and challenges before us.
Mark was the Board’s top choice due to his success leading
organizations through significant transformations and his history
of delivering strong results. We are eager to begin working with
him as we continue to build a stronger and more focused
Campbell.”
Consistent with the terms of the settlement agreement between
Third Point and Campbell, Third Point provided constructive input
into the CEO search process and fully supports the Campbell Board’s
decision to name Clouse President and CEO.
“I am honored to lead Campbell and its portfolio of iconic
brands into the next chapter of the company’s storied history,”
said Clouse. “I am committed to delivering Campbell’s strategic
objectives and look forward to partnering with the Board and
working alongside the company’s many talented employees to deliver
sustainable, long-term growth. I am confident that together we can
build a prosperous future for Campbell and all of its
stakeholders.”
During Clouse’s two-and-a-half-year tenure as CEO of Pinnacle
Foods, Pinnacle consistently grew or maintained market share in
each of its top categories, delivered double-digit adjusted EPS
growth, and successfully integrated the Boulder Brands acquisition
creating significant shareholder value.
Clouse joined Pinnacle Foods from Mondelēz International, where
he served as Chief Commercial Officer and Chief Growth Officer,
with responsibility for the company’s growth strategy and key
functions including corporate strategy, global marketing, global
sales, and research, development and quality. Throughout his
20-year tenure at Kraft, Clouse served in a range of leadership
positions managing food brands in developed markets and
entrepreneurial global businesses in emerging markets such as
Brazil and China.
Prior to joining Kraft, Clouse served in the United States Army
as a pilot and completed his service as a Captain. Clouse is a
graduate of the U.S. Military Academy at West Point and holds a
Bachelor of Science in Economics.
Vinney added, “I want to thank Keith McLoughlin for his service
as Campbell’s interim CEO during this important time. Under Keith’s
steady leadership, we have made significant progress in focusing
the company, increasing operational discipline and executing our
plans to improve performance. The Campbell turnaround has begun,
and the company stands well positioned for success as Mark steps
into the CEO role. I look forward to continuing to work with Keith
as an active member of Campbell’s Board.”
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. 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:
the Company’s ability to execute on and realize the expected
benefits from the actions it intends to take as a result of its
recent strategy and portfolio review, the ability to differentiate
its products and protect its category leading positions, especially
in soup; the ability to complete and to realize the projected
benefits of planned divestitures and other business portfolio
changes; the ability to realize the projected benefits, including
cost synergies, from the recent acquisitions of Snyder’s-Lance and
Pacific Foods; the ability to realize projected cost savings and
benefits from its efficiency and/or restructuring initiatives; the
Company’s indebtedness and ability to pay such indebtedness;
disruptions to the Company’s supply chain, including fluctuations
in the supply of and inflation in energy and raw and packaging
materials cost; 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; the impact of strong competitive responses to
the Company’s efforts to leverage its brand power with product
innovation, promotional programs and new advertising; the risks
associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; changes in consumer demand for the
Company’s products and favorable perception of the Company’s
brands; changing inventory management practices by certain of the
Company’s key customers; a changing customer landscape, with value
and e-commerce retailers expanding their market presence, while
certain of the Company’s key customers maintain significance to the
Company’s business; (product quality and safety issues, including
recalls and product liabilities; the costs, disruption and
diversion of management’s attention associated with campaigns
commenced by activist investors; the uncertainties of litigation
and regulatory actions against the Company; 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; the impact of non-U.S. operations, including trade
restrictions, public corruption and compliance with foreign laws
and regulations; impairment to goodwill or other intangible assets;
the Company’s ability to protect its intellectual property rights;
increased liabilities and costs related to the Company’s defined
benefit pension plans; a material failure in or breach of the
Company’s information technology systems; the Company’s ability to
attract and retain key talent; changes in currency exchange rates,
tax rates, interest rates, debt and equity markets, inflation
rates, economic conditions, law, regulation and other external
factors; 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181220005948/en/
INVESTOR CONTACT:Ken Gosnell(856)
342-6081ken_gosnell@campbellsoup.com
MEDIA CONTACT:Thomas Hushen(856)
342-5227thomas_hushen@campbellsoup.com
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