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Campbell’s ( CPB ) shares are falling more than 3% in premarket trading after the snack and soup maker said Chief Executive Officer (CEO) Mark Clouse will be leaving at the end of January, while also reporting top-and-bottom line results that missed estimates.
Clouse, who became CEO in January 2019, is leaving the company to become president of the National Football League’s Washington Commanders, Campbell's said. He will be replaced by Mick Beekhuizen, who is currently president of Campbell’s meals and beverages division.
The maker of snacks like Goldfish crackers and Kettle chips, dropped Soup from its name recently. It posted 2025 fiscal first-quarter net sales of $2.77 billion, up from $2.52 billion the same period last year, and net income of $218 million, down from $234 million.
Analysts polled by Visible Alpha had expected sales of $2.79 billion and net income of $254 million for the quarter ended Oct. 27.
Adjusted earnings per share (EPS) of 89 cents, however, beat analysts’ estimates of 87 cents each.
Clouse Led Expansion of Campbell's Beyond Soup
Clouse, whose departure is effective Jan. 31, helped transform the 155-year-old company's expansion in the snack foods area, and was at the helm when Campbell's bought Rao's pasta sauces in a $2.7 billion deal .
"While I am stepping away a bit earlier than I anticipated, I feel like I have one more act in my career,” Clouse said. “A leadership role in professional sports is the only thing that would’ve pulled me away from Campbell’s.”
Incoming CEO Beekhuizen also was chief financial officer at Campbell’s previously and among his past roles was CFO at yogurt maker Chobani.
Campbell's shares have gained 5% this year through Tuesday.
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