Campbell’s still plans to deliver on the soup category, but it’s looking to drop the identifier from its name as part of larger transformation efforts.
During Investor’s Day, Mick Beekhuizen, EVP and president of Meals & Beverages, said that while soup remains an important part of the company’s portfolio, it accounts for a smaller portion than in the past. As a result, the enterprise is petitioning the board to rename the business to Campbell’s Company, subject to approval in November.
“This subtle yet important change retains the company’s iconic name recognition, reputation, and equity built over 155 years while better reflecting the full breadth of the company’s portfolio,” said Mark Clouse, Campbell’s president and CEO.
Campbell’s Transformation
As part of its transformation efforts, Campbell’s has optimized its portfolio (including acquisitions like Sovos Brands and divestitures like Pop Secret), rebuilt operational capabilities and leadership, and delivered on growth goals. Building on that, the company will look to scale its direct-store-delivery model and focus on a strong innovation pipeline within its snacks division. Additionally, it is transforming its meals and beverages business to better meet consumer needs through increased engagement strategies and innovations.
“We expect to continue to grow these advantaged core businesses by pursuing best-in-class innovation and unlocking the full potential from our advantaged distribution network,” said Chris Foley, president of snacks. “Our strategy is designed to deliver margin expansion while making the necessary investments to fuel growth for the future in a sustainable manner. We could not be better positioned for leading the ongoing growth and momentum in snacking.”
“For the last five years, we have been on a transformative journey to redefine our company,” said Mark Clouse, Campbell’s president and CEO. “Our focused strategy has positioned us well and helped to solidify a foundation that has delivered consistent and dependable results. We are ready to turn the page and enter a new chapter where we build on Campbell’s transformed portfolio, strong team, and aligned and engaged culture with the goal to set the standard for performance in the food industry.”
by Liz Dominguez
Source: consumergoods.com
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