Changes at the Top of Campbell’s
Less than a month after formally changing its name from Campbell’s Soup Company to The Campbell's Co., the legacy CPG is kicking off a new fiscal quarter with another major change. On Dec. 3, the board of directors appointed Mick Beekhuizen to serve as president and CEO.
Beekhuizen, currently the president of meals and beverages, will succeed retiring President and CEO Mark Clouse on Feb. 1, 2025. The soon-to-be 15th CEO in Campbell’s history came to the company in 2019 as CFO and was elevated to his current meals and beverages leadership position in 2022. Previously, he was EVP and CFO at Chobani, CFO for Education Management Corp. and a managing director at Goldman Sachs in the merchant banking division.
“The board has had a strong CEO succession process in place for the last several years, and we are fortunate to have a deep bench of talented executives prepared to lead the company as CEO. Mick is a superb leader with a track record of success. The board is confident that he has all the requisite skills and capabilities to continue to drive the strategy that has delivered consistently strong results and created value for shareholders,” remarked Keith McLoughlin, chair of the board.
Beekhuizen said he is honored to be at the helm of the legacy company. “I am energized by the opportunity to work with the Campbell’s team to accelerate the successful strategy that has led to our strong business performance and industry-leading employee engagement,” he remarked.
Clouse, who served as the chief executive since 2019, is exiting the company and the industry but staying active. He announced that he will become president of the Washington Commanders professional football team as of Jan. 31, 2025.
“Mark has been a transformational leader for the past six years and has positioned Campbell’s for ongoing success,” declared McLoughlin. “He has assembled one of the top leadership teams in food and together they have built one of the best portfolios in the industry. We are grateful for Mark’s many contributions, which will have lasting impact on Campbell’s business and culture.”
Added Clouse: “I am immensely proud of what we have accomplished at Campbell's over the last six years. We have built what I believe is the best portfolio in food, and the company has never been better positioned for sustainable growth. The company is in excellent hands with Mick at the helm. I want to thank the entire Campbell's team for their support and commitment to the strategy we have executed together. Campbell’s will always hold a special place in my heart. While I am stepping away a bit earlier than I anticipated, I feel like I have one more act in my career. The Washington Commanders role is a once-in-a-lifetime position that blends my passion for business and love of sports. A leadership role in professional sports is the only thing that would’ve pulled me away from Campbell’s.”
Also this week, the Camden, N.J.-headquartered Campbell’s shared financial results from the recently-concluded first quarter. Net sales rose 10% to $2.8 billion year-over-year but dipped 1% on an organic basis, while adjusted earnings per share (EPS) declined 2% to $0.89.
“Our first-quarter results were largely aligned with our expectations,” said Clouse, adding, “We are maintaining our full-year guidance, with the upcoming second quarter being an important indicator of progress in meeting our expectations. In addition, the board of directors approved a 5% increase in our quarterly dividend, showcasing our strong earnings, cash flow and confidence in our long-term growth potential.”
