Last updated on September 16th, 2024
Campbell Soup Co. held an Investor Day on Sept. 10 at the Nasdaq MarketSite in New York City, where the management team announced several changes, including updating its name to reflect the breadth of the company.
The company intends to change its name to The Campbell’s Company, subject to shareholder approval at its annual meeting in November.
“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.”
Clouse, CFO Carrie Anderson, President of Snacks Chris Foley and President of Meals and Beverages Mick Beekhuizen laid out the next phase of Campbell’s growth plans, including a long-term growth algorithm to grow shareholder value.
The Campbell’s Company
Campbell Soup Co. shared the news at Investor Day that it plans to “set the standard for performance in the industry” by establishing a new strategy, mission and name.
“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,” Clouse shared.
The company’s new “Set the Standard” mission statement follows five pillars – top team, best portfolio, winning execution, top-tier performance and lasting impact.
“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,” Clouse said.
Snacks
Foley highlighted the potential for continued long-term growth and margin expansion in Campbell’s snacks division supported by its portfolio of brands, innovation pipeline and a direct store delivery model that offers further opportunities.
“We have built the best snacks portfolio in faster growing and advantaged categories,” Foley said.
“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. 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 on-going growth and momentum in snacking.”
Meals and beverages
In its meals and beverages division, Beekhuizen shared how its portfolio of brands is better positioned than ever to meet consumers’ needs with a focus on quality, convenience and value. With the company’s recent acquisition of Sovos Brands, which elevates and strengthens its highly advantaged portfolio, the division has a new growth trajectory for dependable and profitable growth.
Beekhuizen noted that soup remains an important part of the division but is now a smaller portion of the transformed portfolio.
“Our meals and beverages transformation story is far from complete, as we challenge ourselves to unlock the potential of our portfolio of iconic and distinctive brands,” Beekhuizen said.
“We intend to set the standard for performance in the center store through our compelling consumer engagement and exciting flavor-forward innovation, with Rao’s strengthening and solidifying our potential and elevating our overall portfolio.”
