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Campbell Soup shares tumble as CEO Denise Morrison exits abruptly

Keith McLoughlin, a board member since 2016, will be the interim CEO

Campbell's Soup CEO Denise Morriso
Shares of Campbell Soup tumbled on Friday

Shares of Campbell Soup Company (NYSE:CPB) fell hard on Friday after the company announced that CEO Denise Morrison is retiring, effective immediately.

The leadership change for Campbell comes as the company announced it will begin a strategic review of its portfolio. Campbell said it plans to discuss the outcome of the review in late August.

Shares sank over 11% to US$34.68 on the day. 

Campbell said Friday Morrison, who also served as president and a director on Campbell Soup’s board, is retiring from the company. She will be replaced by Keith McLoughlin, who has been a board member since 2016, as CEO on an interim basis.

READ: Pre-Market Mover: Campbell Soup Company sinks on CEO news

The Wall Street Journal reported that food makers broadly have “struggled in responding to changes in consumer tastes,” as Americans swap boxed and canned foods for fresher options, while also “eating more snacks and fewer full meals.”

Morrison, 64, became CEO in 2011 and has spent 15 years with the company. She helped Campbell reshape its portfolio to adapt to changing consumer changes. 

In April the company said it would reorganize its operations to focus on its core units, while maintaining the ability to spot new opportunities and digital growth.

Quick facts: Campbell Soup Company

Price: 47.635 USD

NYSE:CPB
Market: NYSE
Market Cap: $14.4 billion
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