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Campbell Board Elects Sarah Hofstetter and Kurt Schmidt as Directors; Declares Quarterly Dividend

CAMDEN, N.J.--(BUSINESS WIRE)--Nov. 29, 2018-- Campbell Soup Company (NYSE: CPB) today announced that the Campbell Board of Directors has elected Sarah Hofstetter and Kurt Schmidt as members of the Board, effective today. These appointments were previously announced as part of a settlement agreement with Third Point LLC. The Board also declared a regular quarterly dividend on Campbell’s capital stock of $0.35 per share. The quarterly dividend is payable Jan. 28, 2019 to shareholders of record at the close of business Jan. 9, 2019.

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SARAH HOFSTETTER (Photo: Business Wire)

SARAH HOFSTETTER (Photo: Business Wire)

“We welcome both Sarah and Kurt to Campbell’s Board of Directors,” said Les Vinney, Chairman of the Board. “Sarah is an innovative marketing and brand strategy expert, and Kurt is a seasoned executive within the consumer-packaged goods industry. Their diverse knowledge and insight will be invaluable to Campbell’s Board, management team and shareholders as we continue to execute on our strategic plan to build a stronger and more focused company that creates long-term value for all shareholders.”

Hofstetter is the President of Comscore, Inc., a global information and analytics company that measures consumer audiences and advertising across media platforms. She previously served as Chairwoman and Chief Executive Officer of 360i, a U.S. advertising arm of Dentsu, Inc., a Japanese advertising and public relations agency. Prior to 360i, Hofstetter founded Kayak Communications, a marketing agency focused on developing brand strategy and communications for new media brands. Hofstetter graduated from Queens College, City University of New York with a B.A. in Sociology.

Schmidt served as a director and Chief Executive Officer of Blue Buffalo Company, Ltd. from 2012 through 2016. Prior to joining Blue Buffalo, Schmidt was Deputy Executive Vice President at Nestlé S.A., where he was responsible for the $8 billion Nestlé Nutrition division and served as a member of the company’s Executive Committee. Schmidt joined Nestlé in 2007 as part of its acquisition of Gerber Products from Novartis, where he was the President and Chief Executive Officer of Gerber Products Company. Schmidt received a B.S. in Chemistry from the United States Naval Academy and an MBA from the University of Chicago.

Schmidt has been appointed to the Board’s Governance Committee and the Compensation and Organization Committee, and Hofstetter has been appointed to the Finance and Corporate Development Committee.

With these additions, Campbell’s Board of Directors will increase from 12 to 14 members. Keith McLoughlin, interim President and Chief Executive Officer, is the only member of management who sits on the Board.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real food that matters for life's moments." For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. 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 and Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupCompany.com or follow Company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com.

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 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 execute on and realize the expected benefits from the actions it intends to take as a result of its recent strategy and portfolio review, (2) the ability to differentiate its products and protect its category leading positions, especially in soup; (3) the ability to complete and to realize the projected benefits of planned divestitures and other business portfolio changes; (4) the ability to realize the projected benefits, including cost synergies, from the recent acquisitions of Snyder’s-Lance and Pacific Foods; (5) the ability to realize projected cost savings and benefits from its efficiency and/or restructuring initiatives; (6) the Company’s indebtedness and ability to pay such indebtedness; (7) disruptions to the Company’s supply chain, including fluctuations in the supply of and inflation in energy and raw and packaging materials cost; (8) the Company’s ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; (9) the impact of strong competitive responses to the Company’s efforts to leverage its brand power with product innovation, promotional programs and new advertising; (10) the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; (11) changes in consumer demand for the Company’s products and favorable perception of the Company’s brands; (12) changing inventory management practices by certain of the Company’s key customers; (13) a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the Company’s key customers maintain significance to the Company’s business; (14) product quality and safety issues, including recalls and product liabilities; (15) the costs, disruption and diversion of management’s attention associated with campaigns commenced by activist investors; (16) the uncertainties of litigation and regulatory actions against the Company; (17) the possible disruption to the independent contractor distribution models used by certain of the Company’s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; (18) the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations; (19) impairment to goodwill or other intangible assets; (20) the Company’s ability to protect its intellectual property rights; (21) increased liabilities and costs related to the Company’s defined benefit pension plans; (22) a material failure in or breach of the Company’s information technology systems; (23) the Company’s ability to attract and retain key talent; (24) changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; (25) unforeseen business disruptions in one or more of the Company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural disasters or other calamities; and (26) 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

INVESTOR CONTACT:
Ken Gosnell
(856) 342-6081
ken_gosnell@campbellsoup.com

MEDIA CONTACT:
Thomas Hushen
(856) 342-5227
thomas_hushen@campbellsoup.com