Sign up for the Packaging Digest News & Insights newsletter.
Campbell Soup Changing Its Name
The company aims to set the standard for performance in the industry with a new strategy, new mission, and new name.
2 Min Read
Campbell's Soup is changing its name.Justin Sullivan/Getty Images
At its Investor Day at the Nasdaq MarketSite in New York City, Campbell Soup Co.’s management team outlined plans for the next era of accelerated growth, which includes a new strategy, new mission and new name.
As part of its evolution and transformed portfolio, the company intends to change its name to The Campbell’s Co., subject to shareholder approval at its annual meeting of shareholders 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 chief executive officer.
Since 2019, the company has made significant progress in three key areas:
Transformed portfolio. Shifted focus to advantaged core categories and geographies critical to fueling net sales and earnings growth, including the acquisition of Sovos Brands.
Rebuilt the foundation. Taken significant steps in improving its execution and capabilities, touching nearly every aspect of the company, including assembling an exceptional leadership team, enhancing the culture and turning its supply chain into a competitive advantage.
Delivered on commitments. Built trust by consistently delivering strong financial results, while also outperforming consumer packaged goods peers on many key performance indicators.
“For the last five years, we have been on a transformative journey to redefine our company,” said Clouse. “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.”
Carrie Anderson, chief financial officer, Chris Foley, president, snacks, Mick Beekhuizen, president, meals & beverages, and Clouse laid out the next phase of Campbell’s growth plans, including a new long-term growth algorithm to grow shareholder value.
New Performance Standard Set
The company’s Set the Standard mission is clear and measurable, with five key pillars:
Top Team. Foster an engaged and inclusive culture, while building capabilities and developing leaders at all levels of the organization.
Best Portfolio. Drive growth through 16 leadership brands which span across both Snacks and Meals & Beverages and represent 84% enterprise sales and approximately 95% of the company’s segment operating earnings in fiscal 2024.
Winning Execution. Outperform the competition with an advantaged supply chain, stepped-up innovation capabilities, strong retailer relationships and effective deployment of new and evolving technology.
Top-Tier Performance. Leverage the company’s top team, portfolio of best-in-class brands and operational capabilities to deliver strong revenue, earnings growth, and operating cash flow.
Lasting Impact. Build on Campbell’s legacy of impact by delivering measurable results against sustainability and community goals.
“With the top team, the best portfolio of brands, a track record of strong execution and performance, and a commitment to building on our legacy of trust and impact, we have never been more prepared to deliver top-tier performance and to be the most dependable and most capable company in food,” said Clouse.
About the Author
You May Also Like
