INTERNATIONAL – Campbell Soup named Mark Clouse, the former chief executive of Pinnacle Foods, as its new chief executive on Thursday, a key step in the US company’s efforts to regain market share and boost profits.
Clouse has a reputation as a seasoned food industry operator. Shares in Pinnacle Foods surged 54 percent during his tenure as chief executive, widely outperforming packaged food peers, most of which have lost share value in recent years as they struggle to grow sales among increasingly health-conscious shoppers.
Reuters reported the news earlier on Thursday, citing sources familiar with the matter who said Clouse’s appointment would be announced imminently.
He has the support of Campbell Soup shareholder and activist hedge fund Third Point, which has been hoping Campbell Soup will eventually be sold, according to the sources. Clouse led Pinnacle as chief executive between 2016 and earlier this year, when that company was sold to ConAgra Brands for $8.1 billion.
A military veteran who served in the U.S. Army after having graduated from the United States Military Academy at West Point, Clouse began working in the food industry more than two decades ago. He had been chief growth officer at Oreo-maker Mondelez International and previously worked in marketing at Kraft Heinz. Clouse will start at Campbell on Jan. 22.