Camden, NJ—Campbell Soup Company today announced that Denise M. Morrison, its president and CEO and a director, has chosen to retire immediately.
Keith R. McLoughlin, 61, a Campbell board member since 2016, has been named interim CEO. McLoughlin will remain a member of the board to facilitate an orderly transition in management while recently elevated COO Luca Mignini focuses on the integration of newly acquired Snyder’s-Lance and Pacific Foods and stabilizing the company’s U.S. soup business.
“I am proud of Campbell’s accomplishments and how we have transformed our portfolio amid changing consumer tastes for food and health and well-being. It has been an honor to lead this iconic company and exceptional team, and I am confident that Campbell will enjoy continued success for many years to come," said Morrison.
Les C. Vinney, chairman of the board, said under Morrison's leadership, Campbell transformed into the fast-growing snacking category through the acquisition of Snyder’s-Lance and increased its focus on health and well-being with brands like Pacific Foods.
“Denise has been a passionate advocate and leader over her 15 years with the company. She has made many important contributions over the past seven years as CEO to reposition Campbell in the rapidly changing food industry," said Vinney. "Her actions have helped to enhance the long-term growth potential of Campbell. On behalf of the Board, I want to thank Denise for her dedicated service and wish her the best.”
Vinney said the company was fortunate to have a talented and experienced business leader on its board in McLoughlin.
"Keith is deeply familiar with our strategy, our team and our brands, and we are confident in his ability to lead the company during this transitional period,” Vinney said.
McLoughlin said he is eager to begin working to increase Campbell's value for all of its stakeholders.
“Having been a Director and observing the company over an extended period of time, I know where Campbell has been and where it’s headed, and am excited to lead the company," said McLoughlin. "I am eager to begin working with our talented team as we strive to accelerate our growth strategy, improve our execution and deliver shareholder value.”
McLoughlin was president and CEO of Electrolux AB, a global manufacturer of major household appliances, from 2011 until his retirement in February 2016. McLoughlin joined Electrolux in 2003 as head of Major Appliances North America and executive vice president of Electrolux.
Between 2004 and 2007, he also served as head of major appliances Latin America. From 2009 until 2011, he served as COO and executive vice president of Electrolux.
Before joining Electrolux AB, McLoughlin spent 22 years in senior leadership roles at E. I. du Pont de Nemours and Co., leading several consumer brand businesses including DuPont Corian®, DuPont Stainmaster® carpet and DuPont Tyvek®.
McLoughlin graduated from the United States Military Academy at West Point with a Bachelor of Science in engineering. He is a member of the Board of Directors at Briggs & Stratton Corporation. He has served as an independent director on Campbell’s Board of Directors since 2016.