April 5, 2018 / 8:54 PM / 8 months ago

Campbell Soup gives COO Mignini more control over core units

FILE PHOTO: Cans of Campbell's Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) - Campbell Soup Co (CPB.N) said on Thursday it would reorganize its businesses, giving newly-appointed Chief Operating Officer Luca Mignini more control over its main units, including soup, simple meals and shelf-stable beverages.

The company also said Mignini would continue to head its global biscuits and snacks businesses under the newly-created position.

Under Mignini, the biscuits and snacks unit, which makes Pepperidge Farm cookies and Arnott’s biscuits, has recorded steady growth, accounting for nearly a third of the company’s total sales.

The reorganization follows Campbell’s recent acquisition of Cape Cod chips maker Snyder’s-Lance Inc for about $5 billion to help expand its snacking business and counter slowing soup sales.

“Snyder’s-Lance acquisition served as a catalyst for us to re-examine how to best organize the company for increased emphasis on execution and profitable growth,” Chief Executive Officer Denise Morrison said in a statement.

The company also said it had created a new accelerator unit to drive growth in its faster-growing business, including Campbell Fresh, which will led by Ana Dominguez who was previously president of Campbell Canada.

The soup maker’s shares were up 0.6 percent at $43.48 in extended trading.

Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva

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