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8-K - FORM 8-K - CAMPBELL SOUP CO | w79961e8vk.htm |
EX-3 - EX-3 - CAMPBELL SOUP CO | w79961exv3.htm |
EX-99.2 - EX-99.2 - CAMPBELL SOUP CO | w79961exv99w2.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACTS: | Anthony Sanzio (Media) (856) 968-4390 Jennifer Driscoll (Analysts) (856) 342-6081 |
DOUGLAS CONANT ANNOUNCES PLANS TO STEP DOWN AS
CEO OF CAMPBELL SOUP COMPANY AT THE END OF THE
FISCAL YEAR
CEO OF CAMPBELL SOUP COMPANY AT THE END OF THE
FISCAL YEAR
Denise Morrison Named Executive Vice President and Chief Operating Officer to Lead the
Businesses and Elected a Member of the Board
Businesses and Elected a Member of the Board
CAMDEN, N.J., Sept. 28, 2010Campbell Soup Company (NYSE:CPB) announced today that Douglas R.
Conant, 59, who has served as President and Chief Executive Officer since January 2001, has advised
the Board of Directors that he plans to step down as CEO on July 31, 2011, the end of the companys
fiscal year. The Board has elected Denise M. Morrison, 56, Executive Vice President and Chief
Operating Officer, effective Oct. 1, 2010, in anticipation of her election to succeed Conant as CEO
at the beginning of fiscal 2012. Morrison has also been elected a Director of the company as of
October 1.
Doug has provided exceptional leadership to our company during the past decade, said Paul R.
Charron, Chairman of the Board of Directors. He conceived and implemented a strategic vision that
transformed Campbell into the focused, highly competitive business it is today. He has built a
superb executive team. Through his extraordinary personal leadership, he has created an
organization with world-class levels of employee engagement and a powerful commitment to win in the
marketplace, the workplace and the community, all with the highest standards of integrity. The
legacy of his wide-ranging contributions and sterling personal values will long endure at
Campbell.
In her new role, Morrison will be responsible for leading all of the companys global
businesses. The businesses in the North America Soup, Sauces and Beverages division, International
division and Pepperidge Farm will report directly to her. Morrison will also oversee corporate
strategy, research and development and global marketing services. Other corporate functions will
continue to report to Conant.
Commenting on Morrisons appointment as COO, Charron said, Denise is an outstanding leader
with a commanding knowledge of Campbells business and an impressive record of achievement. The
Board is confident that in her expanded leadership role, she will drive strong business performance
and enhance the companys strategies for accelerating growth across our powerful brand portfolio.
We look forward to working with Doug and Denise to implement a smooth and successful leadership
transition.
Morrison has 35 years of experience in the consumer packaged goods industry. She joined
Campbell in April 2003 as Chief Customer Officer and was appointed President of Campbell USA in
2005. She has been the President of North America Soup, Sauces and Beverages since October 2007.
From 1995 to 2003 she was employed by Kraft and Nabisco, serving most recently as Executive Vice
President and General Manager of Kraft Foods Snacks and Confections divisions. Earlier in her
career, she held senior marketing and sales positions at Nestle USA. Morrison began her career at
Procter & Gamble in 1975 and later worked at PepsiCo.
I am delighted by Denises appointment to this important new role at Campbell, said Conant.
She is a very talented executive who combines rigorous discipline and strong leadership skills
with boundless passion for our brands and our people. Denises long experience in the food industry
has given her acute insight into the drivers of growth. I am confident that our global businesses
will flourish under her capable leadership.
I am honored to have been selected by the Board to lead Campbells business, Morrison said.
I look forward to accelerating the growth of our great brands, capitalizing on our global
opportunities and building on our peoples engagement to reach their potential for high
performance. Together we will continue to build the worlds most extraordinary food company by
nourishing peoples lives everywhere, every day.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals,
including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a
portfolio of market-leading brands, including Campbells, Pepperidge Farm, Arnotts and V8.
Through its corporate social responsibility program, the company strives to make a positive impact
in the workplace, in the marketplace and in the communities in which it operates. Campbell is a
member of the Standard & Poors 500 and the Dow Jones Sustainability Indexes. For more information,
visit www.campbellsoup.com.
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Forward-Looking Statements
This news release contains forward-looking statements that reflect the companys current
expectations and assumptions. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to vary materially from those anticipated or
expressed in the forward-looking statements made by the company. Please refer to the companys most
recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties.
The company disclaims any obligation to update the forward-looking statements in order to reflect
events or circumstances after the date of this release.