Campbell's promotes insiders to accelerate growth
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The Campbell's Company is promoting a pair of its executives to top growth positions at the food manufacturer. Elizabeth Duggan will become president of the company's snacks division on May 12, while Janda Lukin will take on the newly created role of chief growth officer starting June 2.
Current snacks president Chris Foley will leave in July after a 25-year career at Campbell's. Duggan will work closely with Foley until his departure.
The executive changes are the latest at the maker of its namesake soups, Rao's sauces and Late July chips. Risa Cretella became president of Campbell's meals and beverages unit in February after Mick Beekhuizen, who previously oversaw the unit, took over as CEO.
Just over two months after Beekhuizen took the top role at the V8, Pepperidge Farm and Pacific Foods maker, the latest promotions are evidence that the senior executive is doing what he can to generate growth — an industry challenge as inflation and consumer uncertainty over the economy lead to a pullback in spending.
The appointment of two company veterans, both with extensive experience in the food space, gives Campbell's a pair of leaders who know the company and its growth strategy. They're also likely familiar with Beekhuizen and where he's looking to take the 156-year-old business.
Duggan, who joined Campbell's in 2019, will oversee the long-term growth and margin expansion of the snacks division. Previously, she was the senior vice president and general manager of Campbell's Company of Canada where she 'delivered top-tier results including significant revenue and earnings growth,' according to the company, and helped with the successful launch of new products..
Lukin, meanwhile, was described by Campbell's 'as a proven business leader and growth-driven marketer.' Since joining the company in 2016, she helped return growth back to its soup business and 'significantly increased' the pace of innovation in snacks. Prior to Campbell's, Lukin spent 14 years with Mondelēz International where she oversaw its Oreo and Chips Ahoy! business.
"Elizabeth and Janda have each played pivotal roles in transforming Campbell's over the last several years,' Beekhuizen said. 'They are the right leaders to drive our strategy and take our performance to the next level.'
While Campbell's has a strong portfolio, the executive team is facing a challenging consumer environment.
Last month, Campbell's lowered its forecast, predicting net sales to rise 6% to 8% this year, instead of 9% to 11%. Organic sales projections also were lowered to be flat or drop by up to 2%. Previously, the company was predicting sales to be unchanged or up 2%.
Beekhuizen noted at the time that Campbell's was dealing with 'softness' in some snacking categories, most notably cookies and crackers.
Robert Moskow, an analyst with TD Cowen, said in a March research note that Campbell's reduced guidance 'pokes a hole in the investment case that its stock merits a higher valuation multiple for diversifying into snacks and premium pasta sauce' with Rao's, which the company acquired in March 2024. He added that competition and expansion of GLP-1 usage 'presents a significant headwind to Snacks.'
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