Soup’s out of the can: Campbell CEO announces surprise retirement

Campbell’s CEO abruptly announced her immediate retirement on Friday, bringing the total women CEOs at Fortune 500 companies down to just 23.

May 21, 2018


As reported by CNBC, Campbell Soup CEO Denise Morrison retired unexpectedly on Friday morning after 8 years at the company.

Morrison, 64, will be replaced by board member Keith McLoughlin in the interim, with her seat on the board still intact, according to Campbell.

No reason for the departure has been provided.

Not enough salt in the soup

Campbell’s has been anything but successful since Morrison took over in 2011: The synonymous soup king has suffered a decline in sales over the last 4 years, and Campbells announced Friday that their adjusted yearly earnings will likely be down close to 11% from their previous projections.

But, Campbell’s poor performance can’t be dumped on Morrison’s leadership entirely — packaged food companies like Campbell have been in dire straights as consumers have shifted to healthier, less processed food options in recent years.

According to JP Morgan, there have been 28 CEO changes in the US packaged food and protein industry since 2010, with 10 of those changes occurring since the start of 2017 alone.

We don’t know her, but it’s sad to see her go

Morrison’s retirement is another hit to the already scarce world of female CEOs for Fortune 500 companies.

According to CNN, her departure brings the number down to just 23.

Join 1.5m+ professionals getting The Hustle daily news brief

Business and tech news in 5 minutes or less

100% free, no ads or spam, unsubscribe anytime


How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.

If you don’t like it, unsubscribe any time. Privacy policy.