Campbell Soup Company CEO to Step Down, Stock Sinks

CPB also missed revenue estimates for Q1

Campbell Soup Company (NYSE:CPB) stock was down on Friday following news that CEO Denise Morrison is stepping down.

The Campbell Soup Company CEO is retiring from the company effective immediately. This will also have her leaving behind the roles of Chairman and Director on the Board. CPB is having Keith McLoughlin, a member of its Board, take over as interim CEO for the time being.

“I am proud of Campbell’s accomplishments and how we have transformed our portfolio amid changing consumer tastes for food and health and well-being,” Morrison said in a statement. “It has been an honor to lead this iconic company and exceptional team, and I am confident that Campbell will enjoy continued success for many years to come.”

News that Morrison is stepping down as the CEO of Campbell Soup Company comes alongside CPB’s earnings report for the first quarter of the year. This earnings report includes earnings per share of 70 cents. This is better than earnings per share of 59 cents from the same time last year. It also beats out Wall Street’s earnings per share estimate of 61 cents for the quarter.

Revenue reported by Campbell Soup Company for the first quarter of 2018 came in at $2.13 billion. This is an improvement over its revenue of $1.85 billion reported in the first quarter of 2017. However, it wasn’t able to reach analysts’ revenue estimate of $2.14 billion for the period.

CPB stock was down 12% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/campbell-soup-company-ceo-retires/.

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