Campbell Soup Co. is reorganising its business into three divisions the US group says reflect its strategic growth priorities.
The company is forming and Americas simple meals and beverages division under Mark Alexander, the former head of its North American operations.
The Pepperidge Farm owner is also setting up a global biscuits and snacks arm to be led by Luca Mignini, the president of its international units.
Campbell is also establishing a packaged fresh division, which will be led by Jeffrey Dunn, the president of its US chilled foods business Bolthouse Farms.
“The adoption of our new enterprise structure will be an important milestone for Campbell,” said president and CEO Denise Morrison. “This reorganisation will help unlock the value of our brands and the growth potential of our business. It will drive focused investment on our largest growth opportunities. It is the logical next step in our ongoing effort to shift our company’s centre of gravity, accelerate our growth trajectory and maximise value for our shareholders.”
In July, Campbell warned sales and earnings for its upcoming new financial year would fall below the company’s long-term targets.
The US food group has goals for annual organic sales to grow 3-4%, for adjusted EBIT to rise 4-6% and for adjusted earnings per share to climb 5-7%.
In November, Campbell reported an increase in first-quarter profits but Morrison cautioned the group was facing challenges, with gross margins not meeting expectations.
