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 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.