USA – US soup maker Campbell Soup has announced that its CEO Denise Morrison abruptly decided to step down effective today and she has been replaced by Keith McLoughlin, who joined the company’s board in 2016, as CEO on an interim basis.
In a statement Campbell Soup, maker of V8, Pepperidge Farm, Pop Secret and its iconic soups gave the announcement while reporting its full-year earnings forecast which it cut due to costs related to its acquisition of snacks maker Snyder’s-Lance.
Though no reason was given for her departure, Morrison who joined the firm in 2011 after more than eight years at it has been struggling to turn around the soup business in the recent past years.
Under her leadership, Campbell has embarked on diversification into snacks where in March; it completed the acquisition of the second largest salty snack maker in the US, Snyder’s-Lance for US$4.87 billion.
“Denise chose to retire as CEO and as a board member, and the board and she mutually agreed that it would become effective today,” the company said in a statement to CNBC.
CNN Money says Morrison’s departure leaves only 23 women as CEOs of Fortune 500 companies.
In the announcement, the company said Chief Operating Officer Luca Mignini will focus on the core soup business and integrating the newly-acquired Snyder’s Lance and Pacific Foods companies.
With the announcement, shares of the food producer fell as far as 3 percent in premarket trading.
Campbell expects full-year earnings per share to fall between 5% and 6%, compared with its earlier forecast of a 1 percent to 3 percent decline.
The company said it was undergoing a strategic review as it tries to revive sales that have been under pressure due to shifting American tastes.