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Campbell’s Soup is ready for a new chapter— and that involves changing its name to The Campbell’s Company — signaling an expansion beyond its traditional soup business into snacks, sauces, and beverages.
During the company’s Investor Day at the Nasdaq MarketSite in New York City, CEO Mark Clouse unveiled the new strategy. He emphasized a focus on 16 key brands, including popular items like Goldfish (CPB+0.25%) crackers and V8 beverages, according to a FactSet transcript.
Clouse said the company plans to seek shareholder approval for the name change at its annual meeting later this year.
“We will always love soup, and we’ll never take our eye off of this critical business,” Clouse said. “But today, we’re so much more than soup.”
While soup remains important, Campbell’s Soup plans to pivot and emphasize growth on other products, like Rao’s pasta sauce. It also plans to continue building out a strong leadership team and enhancing its supply chain operations.
Snacks could give it the push it needs. In the snacks division, brands like Goldfish, Pepperidge Farm, and Cape Cod account for roughly 83% of Campbell’s total snack sales. Clouse noted that Goldfish, which generates over $1 billion in annual sales, is expected to become the company’s largest snack brand by 2027.
To support those efforts, Campbell’s Soup is launching a $250 million cost-savings program that will run through fiscal year 2028. The program is designed to cut costs and improve profitability.
As consumers face high grocery prices and reduce spending on snacks and sweets, Campbell’s move to broaden its focus could bode well for the 155-year-old company. With change on the horizon, it could evoke a new era that pays homage to the days when artist Andy Warhol famously immortalized the iconic soup cans.