Campbell: CEO announces plans to step down

Camden / NJ. (csc) Campbell Soup Company announced that Douglas R. Conant, 59, who has served as President and Chief Executive Officer since January 2001, has advised the Board of Directors that he plans to step down as CEO on July 31, 2011; the end of the company´s fiscal year. The Board has elected Denise M. Morrison, 56, Executive Vice President and Chief Operating Officer, effective October 01, 2010, in anticipation of her election to succeed Conant as CEO at the beginning of fiscal 2012. Morrison has also been elected a Director of the company as of October 01.

«Doug has provided exceptional leadership to our company during the past decade», said Paul R. Charron, Chairman of the Board of Directors. «He conceived and implemented a strategic vision that transformed Campbell into the focused, highly competitive business it is today. He has built a superb executive team. Through his extraordinary personal leadership, he has created an organization with world-class levels of employee engagement and a powerful commitment to win in the marketplace, the workplace and the community, all with the highest standards of integrity. The legacy of his wide-ranging contributions and sterling personal values will long endure at Campbell».

In her new role, Morrison will be responsible for leading all of the company´s global businesses. The businesses in the North America Soup, Sauces and Beverages division, International division and Pepperidge Farm will report directly to her. Morrison will also oversee corporate strategy, research and development and global marketing services. Other corporate functions will continue to report to Conant.

Commenting on Morrison´s appointment as COO, Charron said, «Denise is an outstanding leader with a commanding knowledge of Campbell´s business and an impressive record of achievement. The Board is confident that in her expanded leadership role, she will drive strong business performance and enhance the company´s strategies for accelerating growth across our powerful brand portfolio. We look forward to working with Doug and Denise to implement a smooth and successful leadership transition».

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