CAMDEN, N.J. — Mark A. Clouse has been named president and chief executive officer of the Campbell Soup Co. He will succeed Campbell Soup’s interim president and c.e.o. Keith McLoughlin on Jan. 22, 2019.
Mr. Clouse previously was president and c.e.o. of Pinnacle Foods, Inc., Parsippany, N.J., before it was acquired by Conagra Brands, Inc., Chicago, earlier this year. He also has held executive roles with Mondelez International, Inc., and Kraft Foods before it became the Kraft Heinz Co.
“Mark’s leadership as c.e.o. of Pinnacle Foods shows a clear track record of delivering solid revenue and earnings growth and generating significant value for shareholders,” said Les Vinney, chairman of the board at Campbell Soup. “Over the last several months, the Campbell board conducted a thorough search process, and we are confident that Mark is the right person to continue our turnaround plan and lead Campbell to future growth. He brings a wealth of experience in the food industry, as well as a fresh perspective on the opportunities and challenges before us.”
The challenges facing Mr. Clouse when he takes over in late January are numerous. He will be leading a company in transition, most notably as the board seeks to divest the Campbell International and Campbell Fresh business units.
In late November, the company also reached an agreement with one of its shareholders, Third Point, to increase the size of its board of directors to 14 from 12. Third Point owns approximately 6% of Campbell Soup’s stock.
Third Point provided input into the c.e.o. search and supports the decision to name Mr. Clouse president and c.e.o., according to the company.
“I am honored to lead Campbell and its portfolio of iconic brands into the next chapter of the company’s storied history,” Mr. Clouse said. “I am committed to delivering Campbell’s strategic objectives and look forward to partnering with the board and working alongside the company’s many talented employees to deliver sustainable, long-term growth. I am confident that together we can build a prosperous future for Campbell and all of its stakeholders.”