Denise Morrison Steps Down as CEO at Campbell Soup
Campbell Soup Co. said that Denise Morrison is stepping down immediately after seven years as chief executive and that it may sell some brands after a bet on fresher foods failed to revive sales.
Campbell’s sales have fallen in each of the past three fiscal years. Efforts to acquire and introduce new products like Bolthouse Farms juice and Garden Fresh Gourmet salsa haven’t reversed the slide. In its fiscal third quarter, Campbell on Friday reported a loss of $393 million on sales of $2.13 billion.
Campbell shares fell 3.8% in premarket trading as the company also lowered its earnings guidance for the year. Campbell said Ms. Morrison, 64, will be replaced for now by board member Keith McLoughlin while the company undertakes a review of its product portfolio.
NEW YORK (AP) — The top executive at Campbell Soup will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure due to shifting American tastes.
Denise Morrison, who has been has been CEO since 2011, is being replaced immediately by Keith McLoughlin, who will lead the company on an interim basis. Shares plunged more than 12 percent at the opening bell Friday.
McLoughlin, the former CEO of appliance maker Electrolux, has been a board member at Campbell Soup Co. since 2016.
The New Jersey food company is wrestling with declining soup and juice sales in a market crowded with competitors at the same time that many families are seeking foods they consider healthier and less processed.