Campbell Soup Co. chief executive Denise Morrison has announced her retirement, effective immediately, in a move that could reflect weaker sales of some of its key products in recent years.
Keith McLoughlin, a board member since 2016, will serve as CEO "while recently elevated Chief Operating Officer Luca Mignini focuses on the integration of newly acquired Snyder’s-Lance and Pacific Foods and stabilizing the company’s U.S. soup business,” the company said in a statement.
Campbell shares were off more than 11 percent in early trading amid an upbeat broader market.
The turnover at the top of Campbell follows the disappointing reception for a line of healthy food products introduced to offset a category-wide decline in soup products.
“Denise has been a passionate advocate and leader over her 15 years with the company,” Campbell Chairman Les Vinney said in a news release. “She has made many important contributions over the past seven years as chief executive officer 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.”
Said Morrison: “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. 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 said he knows “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.”
He was CEO of Electrolux AB, a global manufacturer of major household appliances, from 2011 until February 2016. He joined Electrolux AB in 2003 as head of major appliances North America and executive vice president of Electrolux AB.
Between 2004 and 2007, he also served as head of major appliances Latin America. From 2009 until 2011, he served as chief operations officer and executive vice president of Electrolux AB.
Before joining Electrolux AB, McLoughlin spent 22 years in senior leadership roles at E. I. du Pont de Nemours and Co.