Campbell Soup Co. Chief Executive Denise Morrison said Wednesday during the company’s investor event that the company will withdraw from the Grocery Manufacturer’s Association (GMA), a major food association, by the end of the calendar year.
The decision, according to Morrison, is “not financial,” but rather “driven by purpose and principles.” Morrison’s remarks focused on the company’s goal of being “the leading health and well-being food company,” which includes an emphasis on transparency as a means of building trust with consumers, particularly millennials.
GMA defended its own efforts at transparency in a comment emailed to MarketWatch. “It was GMA’s leadership that helped achieve passage in 2016 of a national standard for GMO disclosure,” said Roger Lowe, executive vice president of strategic communications for the GMA. “We supported an option that can provide consumers more information about GMOs than could ever fit on a label.”
Lowe said the group’s transparency tool SmartLabel is expected to be used by 30,000 products by the end of the year, and it’s working with the Food Marketing Institute on “common wording” for product dating intended to reduce consumer confusion and waste.
Campbell shares closed Wednesday up 3.1%, but are down 13.1% for the year to date. The S&P 500 index is up 10.5% for 2017 so far.
By Tony Garcia
Source: Market Watch
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.