Campbell's fell short of market expectations for quarterly net sales on Tuesday and named insider Mick Beekhuizen as its new chief executive officer, as the company sharpens focus on a more diverse range of packaged food products amid choppy consumer demand.
Campbell's shares were down about 4% in extended trading after the company also reaffirmed its annual sales and profit targets, with total net sales falling shy of market expectations.
Beekhuizen will succeed Mark Clouse as president and CEO of the company, effective Feb. 1, 2025.
In January, he will be retiring from Campbell's after a six-year stint as CEO to become President of the NFL's Washington Commanders.
Campbell's first-quarter net sales rose to $2.77 billion from $2.52 billion a year earlier.
Persons:
Campbell's, Mick Beekhuizen, Beekhuizen, Mark Clouse, Campbell, LSEG
Organizations:
Campbell's, Sovos Brands
Locations:
New York, Washington