Campbell Soup Co. shuffled top executives and said it will “proceed on a reorganization of Campbell’s corporate functions to deliver agile and effective support to the business divisions, and on a major project to reexamine and redesign the company’s cost structure.”
In its announcement Thursday, the Camden, N.J., company, whose gross profit margin has steadily eroded in recent years, provided no specifics on targets for cost cutting.
The reorganization, not the first in Campbell’s recent history, reduced Campbell’s divisions to three from four.
Campbell CEO Denise Morrison called it “the logical next step in our ongoing effort to shift our company’s center of gravity, accelerate our growth trajectory.”
The three divisions are: Americas Simple Meals and Beverages, led by Mark Alexander, who has been President of Campbell North America; Global Biscuits and Snacks, led by Luca Mignini, currently President of Campbell International; and Packaged Fresh, led by Jeffrey Dunn, who is now President of relatively new subsidiary Bolthouse Farms.
It’s not yet clear if the new divisions will replace the company’s five current reporting segments in Securities and Exchange Commission filings.
Out in the restructuring is Irene Chang Britt, President of Connecticut-based Pepperidge Farm since 2012, who is leaving.
Campbell had net income of $807 million on $8.27 billion in revenue in its most recent fiscal year.
The company has been the subject of takeover speculation recently, but many analysts doubt that descendants of founder John T. Dorrance – who still own more than 40 percent of the company – are likely sellers.