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March 28, 2019 at 4:30 PM EDT

Les Vinney to Retire as Chairman of Campbell’s Board of Directors; Keith McLoughlin to Become Chairman

Campbell Appoints J.P. Bilbrey, Former CEO of Hershey, to Board of Directors; Sara Mathew to Retire

CAMDEN, N.J.--(BUSINESS WIRE)--Mar. 28, 2019-- Campbell Soup Company (NYSE:CPB) announced today that Les C. Vinney has chosen to retire as Chairman of the Board and as a director. The Board of Directors has elected Keith R. McLoughlin to succeed Vinney as Chairman. The Board also announced the appointment of J.P. Bilbrey, former Chief Executive Officer (CEO) of The Hershey Company, to the Board, as well as the retirement of Sara Mathew.

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Keith McLoughlin (Photo: Business Wire)

Keith McLoughlin (Photo: Business Wire)

Vinney, 70, has chosen to retire from the Campbell Board due to other personal commitments. He joined the Board in 2003 and has served as Chairman since 2015. Vinney was formerly President and CEO of STERIS Corporation, a leading provider of medical supplies. Before joining STERIS, Vinney was Senior Vice President and Chief Financial Officer at Goodrich Corporation.

McLoughlin, 62, has been a Campbell director since 2015 and recently served as Campbell’s Interim President and CEO from May 2018 until January 2019, where he oversaw the Board-led strategy and portfolio review. He stepped down from the interim role in January 2019 when Mark Clouse began as President and CEO. Before joining Campbell’s Board, McLoughlin was President and CEO of AB Electrolux and spent more than 20 years in senior leadership roles at E. I. duPont de Nemours and Company.

Vinney said, “It has been an honor to serve as a director and as Chairman of the Campbell Soup Company. The Board is fortunate to have a strong and capable leader in Keith, whose steady direction has been indispensable over the last year. He has been an advisor and asset to me, our fellow Board members, Campbell’s leadership team and our employees. His role as Interim President and CEO of Campbell make him uniquely qualified and the logical choice to take on the role of Chairman at this important time in Campbell’s history.”

McLoughlin said, “I am honored to serve as Chairman of a company with iconic brands and many talented employees whom I have come to know well in the last year. During my time as Interim President and CEO, I gained a deeper knowledge of the company’s operations, and in working closely with leadership, believe we have made significant progress in focusing the company. I look forward to continuing to work with Mark, the Campbell Leadership Team and my fellow directors as we continue to transform Campbell and create shareholder value.”

McLoughlin continued, “Les has made many important contributions during his 16 years on the Campbell Board and provided critical leadership during a pivotal period in our company’s history. On behalf of the entire Campbell Board of Directors, we thank Les for his service and wish him well in retirement.”

Former Hershey CEO J.P. Bilbrey Appointed to Campbell Board

Bilbrey, 62, served as President and CEO of The Hershey Company from 2011 to 2017 and Chairman of the Board from 2015 to 2018. Before becoming CEO of Hershey, Bilbrey served as Chief Operating Officer and Executive Vice President from 2010 to 2011 and was Senior Vice President and President, Hershey North America from 2007 to 2010. Prior to joining Hershey in 2003 as Senior Vice President, Hershey International, Bilbrey held senior leadership positions at Mission Foods and Danone Waters of North America, Inc. after more than 20 years at The Procter & Gamble Co.

McLoughlin said, “We are thrilled to welcome J.P. and his 40 years of experience in the food industry to Campbell’s Board as part of our ongoing director refreshment process. His extensive knowledge of the changing consumer landscape and the North American market will be a tremendous asset to our Board.”

Sara Mathew to Retire from Campbell Board

Mathew has chosen to retire from the Campbell Board after more than a decade of service. She joined the Board in 2005 and has served as Chair of the Audit Committee during her tenure.

McLoughlin said, “On behalf of the Board, we thank Sara for her many contributions through the years and wish her all the very best.”

McLoughlin’s appointment to Chairman is effective immediately. Vinney will remain a director until his retirement on April 15, 2019. Mathew’s retirement is also effective April 15, 2019. Bilbrey’s appointment is effective in May 2019.

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.

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

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