Campbell Soup Co. has removed the position of chief operating officer held by Luca Mignini, who becomes the US food giant’s executive vice president for strategic initiatives until he leaves the company in August.
Mignini had been one of the favoured internal candidates to replace Campbell’s interim chief executive Keith McLoughin, before ex-Pinnacle Foods boss Mark Clouse was appointed in January.
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McLoughin held the CEO role from May last year until January after taking over from Denise Morrison, who left the soup and snacks maker after seven years in the job.
In a filing with the US Securities Exchange dated 27 March, New York-listed Campbell said Mignini, who had also held the position of senior vice president, would move to executive vice president for strategic initiatives.
“Mr. Mignini is expected to remain in this new role until August 1, 2019, at which time his role will be eliminated,” the filing read.
A spokesperson at Campbell told just-food today (3 April) that both positions will be eliminated in August when Mignini will leave the company.
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By GlobalDataMeanwhile, the same filing also confirmed dates for other previously-announced retirements from the board.
Les Vinney plans to retire on 15 April, while Sara Mathew will also step down as a board member on the same date. Mathew is a member of the Audit Committee and the Finance and Corporate Development Committee of the board, while Vinney is chairman.
“Mr. Vinney’s and Ms. Mathew’s retirements are not the result of any disagreement with the company regarding its operations, policies or practices,” according to the filing.
New CEO Mark Clouse will be tasked with seeing through the disposal of Campbell’s international brands and fresh food divisions in the US, which were put up for sale last year.
US-based snacks giant Mondelez International is believed to be the most-likely candidate to win the international brands business for a price tag of around US$2.5bn, according to sources quoted by Bloomberg this week, amid interest from Italian confectionery maker Ferrero and private-equity firms KKR and Bain Capital.
Bloomberg said Campbell is in “advanced talks” for the assets.
