Denise Morrison steps down after seven years
Denise Morrison, one of just 24 Fortune 500 female CEOs, announced her abrupt retirement on Friday.
Neither Morrison nor Campbell gave any reasoning behind the sudden retirement, but the seven-year CEO will be missed. Keith McLoughlin, a board member of Campbell, will step in as interim CEO until next steps are determined.
The decision likely stems from the pressure on Morrison to turn Campbell around, which has been struggling this year. Shares of Campbell (CPB) have decreased by 27% since the start of 2018.
And while their earnings beat forecasts after their acquisition of snack company Snyder’s Lance for $6 billion, the company still has much to accomplish to turn their company around.
Moreover, many believe this to be the reason for Morrison’s departure. She faced significant pressure to turn the food company around, which proved to be easier said than done.
Even Campbell’s competitors such as General Mills and Kellogg have struggled this year. Further, this stems from the expansion of low-cost products from Amazon, Walmart, and Kroger.
After the news, Campbell will only be hurting more, as shares dropped more than 10%.
These food manufacturers will have to make significant changes if they hope to see a rebound in their companies’ profits.
Featured image via Flickr/andywarhol1962