On Dec. 20, 2018 Campbell Soup Company announced that its Board of Directors elected Mark A. Clouse as President and CEO of Campbell effective Jan. 22, 2019. Clouse was previously CEO of Pinnacle Foods.
In May 2018, former CEO Denise Morrison left the organization and the Board was on the lookout for a suitable candidate to lead the company that most recently resolved a conflict with investment firm Third Point Capital over its low growth and share value. Clouse will succeed Keith McLoughlin, who has acted as interim CEO and President since Morrison’s departure. McLoughlin will remain Director of the company and work closely with Clouse to ensure a seamless transition. Clouse also has been elected a Director.
Clouse brings more than 20 years of experience in the food industry. He has previously worked with brands such as Mondelēz International, Kraft Foods and Pinnacle Foods. He has consistently demonstrated an ability to enhance growth and create shareholder value through investments in a company’s existing brands and through acquisitions. Clouse is a former pilot of the US Army and completed his service as a Captain. He graduated from the U.S. Military Academy at West Point and holds a Bachelor of Science in Economics.
“Mark Clouse is an outstanding leader with a proven track record of operational excellence, and we are excited to name him as Campbell’s next President and CEO,” said Les Vinney, Chairman of the Board. “Mark’s leadership as CEO of Pinnacle Foods shows a clear track record of delivering solid revenue and earnings growth and generating significant value for shareholders. 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,” Vinney said.
“I am honored to lead Campbell and its portfolio of iconic brands into the next chapter of the company’s storied history,” 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,” Clouse said.
Third Point provided constructive input into the CEO search process and fully supports Campbell Board’s decision.