After a somewhat fractious year, Campbell Soup Company recently announced that it has a new CEO. Elected by the company’s Board of Directors, Mark Clouse will become the company’s President and CEO, effective January 22, 2019. He will succeed interim President and CEO Keith McLoughlin, who will remain a Director and will work closely with Clouse to ensure a seamless transition.
“I am honored to lead Campbell and its portfolio of iconic brands into the next chapter of the company’s storied history,” said Clouse in a press release. “I am committed to delivering Campbell’s strategic objectives and look forward to partnering with the Board and working alongside the company’s many talented employees to deliver sustainable, long-term growth. I am confident that together we can build a prosperous future for Campbell and all of its stakeholders.”
Clouse previously served as the CEO of Pinnacle Foods and brings with him more than 20 years of experience in the industry. He served as Chief Commercial Officer and Chief Growth Officer with Mondelēz International, Inc; he also served in a range of leadership positions managing food brands in developed markets and entrepreneurial global businesses for Kraft Foods Inc.
“Mark Clouse is an outstanding leader with a proven track record of operational excellence, and we are excited to name him as Campbell’s next President and CEO,” said Les Vinney, Chairman of the Board. “Mark’s leadership as CEO of Pinnacle Foods shows a clear track record of delivering solid revenue and earnings growth and generating significant value for shareholders. Over the last several months, the Campbell Board conducted a thorough search process, and we are confident that Mark is the right person to continue our turnaround plan and lead Campbell to future growth. He brings a wealth of experience in the food industry, as well as a fresh perspective on the opportunities and challenges before us. Mark was the Board’s top choice due to his success leading organizations through significant transformations and his history of delivering strong results. We are eager to begin working with him as we continue to build a stronger and more focused Campbell.”
After clashing over different boards with hedge fund Third Point, the settlement agreement provided that Third Point offer input into the CEO search process. According to the press release, Third Point fully supports Clouse as the incoming President and CEO.
Prior to joining Kraft, Clouse served in the United States Army as a pilot and completed his service as a Captain. Clouse is a graduate of the U.S. Military Academy at West Point and holds a Bachelor of Science in Economics.
Vinney added, “I want to thank Keith McLoughlin for his service as Campbell’s interim CEO during this important time. Under Keith’s steady leadership, we have made significant progress in focusing the company, increasing operational discipline and executing our plans to improve performance. The Campbell turnaround has begun, and the company stands well positioned for success as Mark steps into the CEO role. I look forward to continuing to work with Keith as an active member of Campbell’s Board.”
Congratulations to Mark Clouse on this new role! Deli Market News will be on the lookout for more news like this.
