Lamb Weston posted strong earnings for the third quarter of fiscal 2018.
“The transformative Snyder’s-Lance acquisition served as a catalyst for us to re-examine how to best organize the company for increased emphasis on execution and profitable growth,” said Denise Morrison, president and chief executive officer. “This strategic reorganization — focused on our core, the integration of recent acquisitions, the Campbell Fresh turnaround and long-term growth — provides the right structure for us to optimize the value of our businesses today, while creating future-oriented capabilities. It will simplify our operations, improve our execution and enable us to allocate resources with a greater focus on profitable growth.”
Luca Mignini, president of Global Business and Snacks, has been promoted to chief operating officer and will lead the Core Business group. His responsibilities will include continued management of the Global Biscuits and Snacks business throughout the world. With his promotion Mr. Mignini will take on the additional responsibilities of managing Campbell’s soup, simple meals and shelf-stable beverages businesses, the company’s sales organization, and global product development.
“Creating a single organization across Campbell’s core businesses will make us more agile and lead to more effective portfolio management to ensure that resources are invested in the areas with the greatest growth potential,” Mr. Mignini said. “I am confident this simplified model will position these businesses for better performance going forward. My immediate focus is on maintaining momentum in our existing snacks portfolio, integrating Snyder’s-Lance and Pacific Foods, and stabilizing the U.S. soup portfolio.”
The company is in the process of hiring an executive to run its Accelerator business. Once hired, the chief accelerator officer will be responsible for the development of culinary and consumer insights across Campbell Soup’s categories, long-term innovation, and small brand and start-up business incubation.
Additional components of the new business unit will be digital and e-commerce efforts as well as the Campbell Fresh portfolio that includes Bolthouse Farms, Garden Fresh Gourmet, U.S. refrigerated soups, and fresh carrots and carrot ingredients.
As part of the reorganization, the company announced several promotions. Ana Dominguez has been named president of Campbell Fresh. She most recently had been leading Campbell Soup’s Canadian business.
Emily Waldorf has been promoted to senior vice-president of corporate strategy. Ms. Waldorf joined the company in 2012 as director of corporate development. She will lead enterprise strategy development, planning and measurement for the company. She also will lead strategy for the Accelerator unit.
Carlos Barroso, senior vice-president of global research and development, is now moving to a strategic advisory role within the Campbell Snacks business. Bethmara Kessler, who previously was senior vice-president of integrated global services, has left the company. Senior vice-president and chief financial officer Anthony DiSilvestro will now oversee many of Campbell Soup’s integrated global services, including financial planning and analysis, and information technology, according to the company.