Campbell Soup Co has announced the authorisation of a share repurchase programme.

Under the programme, announced yesterday (24 June), Campbell is authorised to repurchase up to US$1bn of outstanding shares in open market and privately negotiated transactions. The programme has no expiration date.

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The programme replaces the June 2008 authorisation of $1.2bn, which has now completed. It is in addition to Campbell’s practice of buying back shares sufficient to offset those issued under incentive compensation plans.

Campbell has also confirmed the election of Denise Morrison as president and CEO with effect from 1 August. In October last year, Morrison was named executive VP and COO and elected a director of the company in anticipation of her appointment to the role of CEO at the beginning of fiscal 2012.

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