8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report

(Date of Earliest Event Reported):

October 26, 2022

CAMPBELL SOUP COMPANY

New Jersey	1-3822	21-0419870
State of Incorporation	Commission File Number	I.R.S. Employer Identification No.

One Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Capital Stock, par value $.0375	CPB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) On October 26, 2022, Valerie Oswalt, Executive Vice President and President, Snacks of Campbell Soup Company (the “Company”) informed the Company that she is resigning her position effective November 1, 2022. The Company announced that Christopher Foley, Executive Vice President and President, Meals & Beverages, has been named Executive Vice President and President, Snacks. Mick Beekhuizen, Executive Vice President and Chief Financial Officer (“CFO”) of the Company, has been named Executive Vice President and President, Meals & Beverages. These changes will be effective November 1, 2022. While a search is underway for a new CFO, Mr. Beekhuizen will retain the duties of CFO.

Please see the press release attached as Exhibit 99.1 for additional information.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

99.1	Press release dated November 1, 2022.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL.

EXHIBIT INDEX

Exhibit No.

99.1	Press release dated November 1, 2022.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CAMPBELL SOUP COMPANY
Date: November 1, 2022	By:	/s/ Charles A. Brawley, III
		Charles A. Brawley, III
		Senior Vice President, Corporate Secretary and Deputy General Counsel

EX-99.1

Campbell Appoints Senior Divisional Leaders
to Drive Continued Growth

Beekhuizen to Lead Meals & Beverages; Foley to Lead Snacks

Camden, NJ – Nov. 1, 2022 – Campbell Soup Company (NYSE:CPB) today announced key management changes to support the company’s continued growth and accelerate progress against its multi-year strategic plan. Mick Beekhuizen has been appointed President – Meals & Beverages. He will continue to serve as Chief Financial Officer until a successor to this role is named. Chris Foley, currently President – Meals & Beverages, will become President – Snacks. These changes are effective immediately. Both will continue to report to Campbell President and Chief Executive Officer Mark Clouse.

“Both Mick and Chris have played significant roles in Campbell’s transformation over the last several years by enhancing our culture and improving our business performance,” said Clouse. “Mick possesses exceptional strategic thinking and commercial and financial acumen coupled with a focus on operational excellence. He is known for team building and collaboration, which will be instrumental in his new role as we drive the continued growth of our M&B portfolio in large and attractive categories. Chris is a proven brand and culture builder with a track record of delivering sustainable growth and developing high-performing teams, which are critical to accelerate the Snacks growth and margin trajectory. I am confident both he and Mick are the right leaders to continue to build our momentum and unlock our full growth potential.”

Beekhuizen to Lead Meals & Beverages’ Sustained Growth

Beekhuizen, who joined Campbell in Sept. 2019 as Chief Financial Officer, will now lead the $4.6 billion division that includes soup, simple meals and beverages in retail and foodservice in North America. Beekhuizen is an accomplished leader with a record of financial, commercial and operational excellence, along with marketing and innovation capabilities. During his time at Campbell, he has led corporate strategy and the finance function, including controllership, tax, treasury, corporate audit, investor relations, corporate development, financial planning and analysis, and shared services, as well as the company’s information technology (IT) group.

Prior to Campbell, Beekhuizen was Executive Vice President and Chief Financial Officer at Chobani from 2016 to 2019, where he played a key role in its growth and expansion. Earlier in his career, Mick was Executive Vice President and Chief Financial Officer for Education Management Corporation, and a Managing Director at Goldman Sachs in the merchant banking division.

Foley to Drive Snacks’ Accelerated Growth and Margins

Foley, who will now lead the $3.9 billion Snacks division, has excelled in a variety of Campbell leadership roles in the U.S. and abroad. Since June 2019, Foley has led the revitalization of the Meals & Beverages business by improving product quality, accelerating innovation and marketing, and contemporizing its iconic brands, which has resulted in a fundamentally stronger division. Under his stewardship, the division, including the soup business, has expanded its reach and relevance, particularly with new, younger consumers.

Prior to leading Meals & Beverages, Foley was Chief Marketing Officer (CMO) of Pepperidge Farm from 2015 to 2018 and then Snacks from 2018 to 2019, where he played a key role in the Snyder’s-Lance, Inc. acquisition and integration, drove innovation and developed effective marketing campaigns that resulted in significant sales growth. Earlier, Foley was GM of Campbell’s Australia and New Zealand businesses from 2011 to 2013 and GM of Fresh and

Frozen Bakery at Pepperidge Farm. He also served as Marketing Director – China after spending a decade working in the Meals & Beverages division.

Oswalt Departs

Valerie Oswalt, the former President of the Snacks division, informed Campbell of her plans to accept a role at another company.

Clouse said, “I want to thank Val for her many contributions to Campbell over the last three years, and l wish her well in her new role.”

About Campbell Soup Company

For more than 150 years, Campbell (NYSE: CPB) has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2022 net sales of $8.6 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Investor Contact:

Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

Media Contact:

James Regan

(856) 219-6409

James_Regan@campbells.com

XML

Cover Document	Oct. 26, 2022
Cover [Abstract]
Entity Central Index Key	0000016732
Title of 12(b) Security	Capital Stock, par value $.0375
Entity Incorporation, State or Country Code	NJ
Document Type	8-K
Document Period End Date	Oct. 26, 2022
Entity Registrant Name	CAMPBELL SOUP CO
Entity File Number	1-3822
Entity Tax Identification Number	21-0419870
Entity Address, Address Line One	One Campbell Place
Entity Address, City or Town	Camden
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08103
City Area Code	856
Local Phone Number	342-4800
Trading Symbol	CPB
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false