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(Reuters) – Campbell Soup Co (CPB.N) said on Thursday it would reorganize its businesses, giving newly-appointed Chief Operating Officer Luca Mignini more control over its main units, including soup, simple meals and shelf-stable beverages.
The company also said Mignini would continue to head its global biscuits and snacks businesses under the newly-created position.
Under Mignini, the biscuits and snacks unit, which makes Pepperidge Farm cookies and Arnott’s biscuits, has recorded steady growth, accounting for nearly a third of the company’s total sales.
The reorganization follows Campbell’s recent acquisition of Cape Cod chips maker Snyder’s-Lance Inc for about $5 billion to help expand its snacking business and counter slowing soup sales.
“Snyder’s-Lance acquisition served as a catalyst for us to re-examine how to best organize the company for increased emphasis on execution and profitable growth,” Chief Executive Officer Denise Morrison said in a statement.
The company also said it had created a new accelerator unit to drive growth in its faster-growing business, including Campbell Fresh, which will led by Ana Dominguez who was previously president of Campbell Canada.
The soup maker’s shares were up 0.6 percent at $43.48 in extended trading.
Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva
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