CAMDEN, N.J. - The Campbell’s Company (NASDAQ: CPB), a leading North American food company, announced the appointment of Mick Beekhuizen as its next President and CEO, effective February 1, 2025. The current President and CEO, Mark Clouse, will retire from his roles at the company to become President of the NFL's Washington Commanders.
Beekhuizen, who has been with Campbell's since 2019, currently serves as President of the company's Meals & Beverages division, a segment that reports $5.3 billion in net sales. He has been instrumental in the division's strong performance and played a pivotal role in the $2.7 billion acquisition and integration of Sovos Brands, Inc. Prior to joining Campbell’s, Beekhuizen held executive roles at Chobani and Goldman Sachs.
Keith McLoughlin, Chair of Campbell’s Board of Directors, expressed confidence in Beekhuizen's leadership and the Board's thorough succession planning, which has prepared a talented executive team for the transition. McLoughlin highlighted Beekhuizen's track record of success and his ability to drive the company's strategy forward.
Clouse, who has been at the helm since January 2019, led a significant transformation of Campbell's, focusing on category-leading brands and revitalizing the company's soup strategy. He has been credited with building a strong portfolio and positioning the company for sustainable growth, including the strategic acquisition of Sovos Brands, Inc.
Beekhuizen expressed his honor at being chosen to lead Campbell's and his enthusiasm for building on the company's current strategy and business performance.
Campbell's will hold a conference call to discuss first-quarter fiscal 2025 earnings on Wednesday, December 4, 2024. The call will provide an opportunity for investors and stakeholders to receive updates on the company's financial status and future plans. For deeper insights into Campbell's financial health, valuation metrics, and comprehensive analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
The Campbell's Company, with a history spanning 155 years and headquartered in Camden, New Jersey, boasts a portfolio of 16 leadership brands and reported net sales of $9.6 billion for fiscal 2024. This announcement is based on a press release statement from the company.
In other recent news, The Campbell's Company, formerly known as Campbell Soup (NYSE:CPB), has undergone significant changes in its corporate structure and financial outlook. The company has announced robust financial growth projections for the fiscal year 2025, with expected net sales and adjusted EBIT growth of 9% to 11%, and an increase in adjusted earnings per share of 1% to 4%. Amidst these developments, Campbell's has seen leadership changes, promoting Daniel L. Poland to Executive Vice President and Chief Enterprise Transformation Officer, and appointing Cassandra Green as Senior Vice President and Head of Supply Chain.
The company has also divested from its noosa yoghurt business, selling it to Lakeview Farms as part of its core business focus. This move aligns with Campbell's successful raising of $1.15 billion through an offering of senior unsecured notes. In the realm of stock analysis, RBC Capital maintained its "Sector Perform" rating for Campbell's, while Bernstein SocGen Group and Argus upgraded their ratings, and DA Davidson, Citi, and Jefferies issued downgrades.
Moreover, Campbell's has announced a corporate name change to The Campbell's Company, a decision approved by shareholders and effective immediately. Lastly, Jefferies has adjusted its outlook on Campbell's, reducing the price target to $46.00 from the previous $52.00, while maintaining a Hold rating on the stock. These are the recent developments for The Campbell's Company.
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