Key Points:
- The Campbell’s Company has appointed Todd Cunfer, the CFO of Freshpet, as its new finance chief, effective Oct. 20.
- Cunfer will succeed Campbell’s CFO Carrie Anderson, who is leaving the company to pursue new opportunities.
- Campbell’s CEO Mick Beekhuizen praised Cunfer’s industry knowledge and strategic mindset as valuable assets for the company.
- Anderson’s departure marks the fourth CFO change in the US food industry this year, reflecting a trend of leadership transitions.
- Before joining Campbell’s, Cunfer served as CFO of Simply Good Foods and held senior finance roles at Hershey for over 20 years.
- Campbell’s recently reported mixed quarterly earnings results, with a 1% increase in net sales but a 3% decrease in organic net sales.
- The company cited consumer preferences for value and healthier options as factors affecting packaged-food volumes and earnings.
Insights:
Anderson’s departure from Campbell’s CFO role and Cunfer’s appointment reflect ongoing changes in finance leadership within the food industry.
Freshpet has named Ivan Garcia as interim CFO, continuing the trend of CFO transitions in the sector.
The shift in leadership comes as Campbell’s navigates a challenging operating and regulatory landscape impacting its earnings outlook.
Cunfer’s extensive experience in consumer-packaged goods and finance positions him well to drive sustainable growth at Campbell’s.
The company’s focus on adapting to evolving consumer preferences and market dynamics will be crucial for its future success.