Newly Created Organization Will Support Company’s Business Divisions, Improving Efficiency and Effectiveness

CAMDEN, N.J.--(BUSINESS WIRE)--Mar. 31, 2015-- Campbell Soup Company (NYSE:CPB) today announced the appointment of Ed Carolan as Senior Vice President of Integrated Global Services (IGS). The creation of IGS is a key step in Campbell’s efforts to reduce costs and elevate operational excellence by delivering a range of transactional and knowledge-based services at an enterprise level rather than within each division. The IGS organization will allow Campbell to standardize these services, including elements of Finance, Information Technology, Human Resources and other functions, and increase its strategic capabilities. IGS will also enable the company’s divisions to focus on developing and executing strategies that enhance marketplace competitiveness. Campbell is currently in the process of designing IGS and expects its full implementation may require up to three years.

Carolan, 46, who currently serves as Campbell’s President, U.S. Retail, will report to Campbell’s President and Chief Executive Officer Denise Morrison and become a member of Campbell’s Leadership Team. His promotion is effective April 1, 2015.

Campbell recently announced a new enterprise structure and major cost reduction initiative to help unlock growth and to generate annual cost savings of at least $200 million over a three-year period. The company plans to reorganize its business operations into three divisions to align the organization with the company’s core growth strategies. These divisions -- Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Packaged Fresh -- are structured principally by product categories rather than by geographies or brands.

“The development of Integrated Global Services is another milestone in our efforts to unlock the value of our brands and the growth potential of our business,” said Morrison. “Building capabilities at the enterprise level and creating dedicated centers of excellence within IGS will help us identify, innovate and implement services that better support our business needs. It will also provide us with greater flexibility to reinvest resources to create value, whether it’s strengthening our core Americas business, expanding our Global Biscuits and Snacks business or growing our presence in the retail perimeter through our Packaged Fresh division.”

Carolan joined Campbell in 2001 and has successfully led several significant businesses. As President, U.S. Retail, Carolan was responsible for the company’s $3.6 billion U.S. Soup, Sauces and Beverages business. Previously, Carolan served as General Manager – Pepperidge Farm Snacks Division, leading the crackers and cookies business, where he accelerated growth behind Goldfish crackers. From 2006 to 2009, he was General Manager of Campbell’s StockPot^® fresh soup and North America Foodservice businesses.

Morrison continued, “Ed is a superb leader who understands our company and its strategic business imperatives. He will be a strong partner to our divisional and functional leaders as we work to implement our new enterprise structure.”

Before joining Campbell, Carolan spent five years in brand management at Procter & Gamble in the United States and Europe. Carolan earned a Bachelor of Science degree in electrical engineering from the Georgia Institute of Technology and a Master of Business Administration from Harvard Business School.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” The company makes a range of products from high-quality soups and simple meals to snacks and healthy beverages. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories, and to what’s important today. Led by its iconic Campbell’s brand, the company’s portfolio includes Pepperidge Farm, Goldfish, Bolthouse Farms, V8, Swanson, Prego, Pace, Plum Organics, Arnott’s, Tim Tam, Royal Dansk and Kjeldsens. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements include statements made regarding the company’s new integrated global services organization, enterprise structure and cost reduction initiative. Forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the company’s ability to manage organizational change effectively; (2) the company’s ability to realize projected benefits and cost savings from the new integrated global services organization and/or enterprise structure; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (4) the impact of changes in consumer demand for the company’s products; (5) the risks associated with trade and consumer acceptance of the company’s initiatives, including its trade and promotional programs; (6) the practices and increased significance of certain of the company’s key trade customers; (7) the impact of fluctuations in the supply or costs of energy and raw and packaging materials; (8) the impact of portfolio changes; (9) the uncertainties of litigation; (10) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions and other external factors; (11) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, armed hostilities, natural disasters or other calamities; and (12) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

Source: Campbell Soup Company

Campbell Soup Company INVESTOR: Jennifer Driscoll, 856-342-6081 jennifer_driscoll@campbellsoup.com MEDIA: Carla Burigatto, 856-342-3737 carla_burigatto@campbellsoup.com