- Push-out Score determined
- After almost seven years in the position
- Accolades, praise, thanks and good wishes for Morrison
- Keith McLoughlin taking over in the interim
- Morrison said 51 words
(exechange) — Camden, New Jersey, May 18, 2018 — Denise Morrison, chief executive of Campbell, leaves. It is an abrupt change. As announced by Campbell Soup Company in a news release on Friday, May 18, 2018, Denise M. Morrison leaves her post as Chief Executive Officer at the producer of canned soups after almost seven years in the position, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.6 years, according to data compiled by exechange.
Morrison’s duties will be taken over in the interim by Keith R. McLoughlin, a former Chief Executive Officer of Electrolux AB.
Already a director
McLoughlin is already a director of Campbell. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, McLoughlin understands the expectations and dynamics of the board and has knowledge of Campbell’s organization, risk-management practices and strategy.
“Accelerate our growth strategy, improve our execution and deliver shareholder value”
A reason for Morrison’s sudden departure from the CEO post was not explicitly given. McLoughlin said: “I am eager to begin working with our talented team as we strive to accelerate our growth strategy, improve our execution and deliver shareholder value.”
Precise information about Morrison’s future plans was not immediately available.
Campbell said: “Denise M. Morrison, President and Chief Executive Officer (CEO) and a Director, has chosen to retire effective today.”
Share price decline
The change follows a decline in the share price of Campbell Soup Company since July 2016.
Chaired by Les C. Vinney
Campbell Soup Company is chaired by Les C. Vinney.
Les C. Vinney has served as non-executive Chairman of the Board of Campbell Soup Company since November 1, 2015.
In the position of CEO since 2011
Denise M. Morrison has been the Chief Executive Officer and President of Campbell Soup Company since August 1, 2011.
Morrison has a distinguished track record of building strong businesses and growing iconic brands.
She became CEO in August 2011, after more than eight years at Campbell and more than 30 years in the food business.
She was the 12th leader in the company’s 149-year history.
Morrison joined Campbell in 2003 as President-Global Sales and Chief Customer Officer.
She then served as President-Campbell USA and Senior Vice President and President-North America Soup, Sauces and Beverages.
She was named Executive Vice President and Chief Operating Officer in 2010, and she was also appointed as a Director of Campbell’s board.
Previously, Morrison was Executive Vice President and General Manager of Kraft Foods’ snacks and confections divisions.
Her extensive food business experience also includes senior leadership roles at Nabisco, Nestle, and Pepsi-Cola.
She began her career at Procter & Gamble.
Morrison was elected to the MetLife, Inc. board in February 2014.
She is also a member of the board of directors for The Consumer Goods Forum, Catalyst, and the Food Marketing Institute, and she is also a member of the board of trustees for Boston College.
Previously, she served on the Export Council for the Obama administration.
She is consistently ranked among Fortune’s 50 Most Powerful Women in Business.
Morrison earned her B.S. degree in economics and psychology from Boston College, graduating magna cum laude.
She resides in Princeton, N.J., with her husband, Tom, and they have two grown children.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 21.2018 ($).