Denise Morrison doesn’t officially become CEO of Campbell Soup until the beginning of August, but she has already made a bunch of big strategic decisions to revamp the near-150-year-old company that’s still reeling from a marketing war with plucky competitor Progresso.
Morrison announced an array of new initiatives Tuesday, including a push for new products to attract a younger demographic and a big drive for expansion into Asia and Latin America.
She plans to enter the energy drink market with the V8 Energy Shot — a tiny 2.5 ounce drink containing fruit and vegetable juices along with green tea for a caffeine boost. There’s also a plastic-tubbed soup planned called Slow Kettle, Goldfish-shaped flatbread and a new crispy snack food called Cracker Chips.
But there are casualities in Morrison’s restructuring plan as well. Campbell plans to lay off 770 of its 18,400 employees worldwide, including 130 in its Camden, New Jersey headquarters. It’s also terminating the company’s struggling operation in Russia.
Will her new ideas work? Time will tell, but something had to be done. Campbell’s growth has stagnated in recent years and the company’s core product continues to struggle, with soup revenues down 7% in the last quarter.
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