Milling & Baking News Corporate Profiles - October 2011 - (Page 74)

Company Overview Campbell Soup Co. Denise Morrison becomes c.e.o. E ffective Aug. 1, Denise Morrison became president and chief executive officer at Campbell Soup Co., Camden, N.J., transitioning into this role from the position of executive vice-president and chief operating officer as a part of a succession plan. Ms. Morrison took over for Douglas R. Conant. Ms. Morrison has more than 35 years of experience in consumer packaged goods and has been with Campbell since April 2003. “Denise is a superb leader with strong operational skills, comprehensive knowledge of the business and the food industry and powerful insights into the opportunities for driving profitable growth across Campbell’s portfolio,” said Paul R. Charron, chairman of the board. “The board is confident the company will flourish under her direction. We are very pleased by the success of this leadership transition and look forward to the next exciting chapter.” For the year ended July 31, the company had earnings of $805 million, equal to $2.44 per share on the common stock, down 5% from earnings of $844 million, or $2.44 per share, during fiscal 2010. The earnings were weighed down by restructuring charges and lower sales in U.S. soups. Sales for the year were $7,719 million, up 1% from $7,676 million during fiscal 2010. During the fourth quarter the company had earnings of $100 million, or 31c per share, down 12% from $113 million, or 33c per share, during the same quarter of the previous year. Sales for the quarter were $1,607 million, down 6% from $1,518 million during the same quarter of the previous year. “Our fourth-quarter results were slightly better than expected,” Ms. Morrison said. “Our Global Baking and Snacking segment delivered strong performance with doubledigit top-and bottom-line growth in the quarter. We also continued to make progress in our efforts to stabilize U.S. Simple Meals. But we have more work to do. As expected, lower promotional spending contributed to improved soup profits despite anticipated volume sales declines. We’re confident that rebalancing our marketing investments toward consumer-focused brand-building activities and developing a more robust innovation pipeline is the right approach.” In June the company announced cost-cutting initiatives, including laying off 510 employees at facilities around the world, closing its office in Moscow and exiting the Russian market, and closing its manufacturing plant in Marshall, Mich. Then in July, the company announced plans to invest more than $30 million to build a new 34,000-square-foot innovation center at its Pepperidge Farm facilities in Norwalk, Conn. This also includes upgrading of Denise Morrison the existing Pepperidge Farm headquarters. “Having an innovation center at our headquarters in Norwalk will deliver many benefits to our business, including accelerated innovation,” said Pat Callaghan, president of Pepperidge Farm. “It will enable us to conduct research and testing of new product concepts in a much more convenient and cost-effective way and will support greater innovation for both our Bakery and Snacks units, especially as we continue to focus on global baked snacks as a strategic priority.” Also in July the company announced that it is shifting some of its R.&D. resources away from sodium reduction efforts and even reformulating some Select Harvest varieties to include more sodium. CP F ast acts Denise Morrison took over as chief executive ofﬁcer effective Aug. 1. The company is investing more than $30 million to build a new 34,000-square-foot innovation center. Earnings were down in the fourth quarter and full-year ﬁscal 2011. 74 \ October 2011 Milling & Baking News • Food Business News • Baking & Snack • Meat & Poultry Corporate Proﬁles

Table of Contents for the Digital Edition of Milling & Baking News Corporate Profiles - October 2011

Milling & Baking News Corporate Profiles - October 2011