Campbell Soup addresses investor concerns, in part, by restructuring management team

PARIS, Oct. 10, 2017 (Xinhua) -- A visitor looks at Andy Warhol's Campbell's Soup Cans during a media preview for the exhibition "Being Modern: MoMA in Paris" at Foundation Louis Vuitton in Paris, France, on Oct. 10, 2017.

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Campbell Soup addresses investor concerns, in part, by restructuring management team

April 3, 2019

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CAMDEN, N.J. (KYW Newsradio) — More changes at Camden-based Campbell Soup amid investor concerns about the company’s recent performance.

While no changes are planned in general staffing, the company’s chief operating officer will soon be gone as the company eliminates the position in a management restructuring plan. 

 Luca Mignini rose to the COO spot when former CEO Denise Morrison left the company last May after Campbell suffered a $475 million quarterly loss. The new CEO, Mark Clouse, is elevating heads of separate snacks and meals divisions, and dropping the COO post.

Campbell Soup is Camden’s largest employer.

Company spokesman Tom Hushen says Mignini will stay on until the end of July.

“As part of our review last year, we announced that we would divest our international operations,” Hushen told KYW Newsradio. “So Luca will oversee the divestiture of those operations through the end of the fiscal year.”

The company last week announced some changes on its board, installing a new chairman and a new member to address shareholder concerns.  

Hushen says the company’s performance has improved over the last two quarters and these changes represent what he called “the next logical step.” 

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