Campbell Soup Company looks to new CEO to improve business
Campbell Soup has struggled through a three-year sales slump and is looking to new leadership to turn the business around.
Campbell Soup Company has announced the retirement of Denise M. Morrison, president, CEO and director.
Keith R. McLoughlin, 61, a Campbell board member since 2016, has been named interim CEO. McLoughlin will remain a member of the board, while recently elevated COO Luca Mignini will focus on the integration of newly acquired Snyder’s-Lance and Pacific Foods—and stabilizing the company’s US soup business.
“Denise has been a passionate advocate and leader over her 15 years with the company,” says Les C. Vinney, chairman of the board. “She has made many important contributions over the past seven years as CEO 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. On behalf of the Board, I want to thank Denise for her dedicated service and wish her the best,” adds Vinney.
“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,” says Morrison. “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.”
McLoughlin is no stranger to Campbell Soup. “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,” says McLoughlin.
McLoughlin was president and CEO of Electrolux AB, a global manufacturer of home appliances, from 2011 through February 2016. Prior to joining Electrolux in 2003, McLoughlin spent 22 years in leadership roles at E.I. du Pont de Nemours and company, leading several consumer brand businesses. He graduated from the US Military Academy at West Point with a Bachelor of Science in engineering and is a member of the Board of Directors at Briggs & Stratton Corporation. McLoughlin has served as an independent director on Campbell’s Board of Directors since 2016.