Campbell Soup CEO out, strategic review under way

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The top executive at Campbell Soup will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure from due to shifting American tastes.

Denise Morrison, who has been has been CEO since 2011, is being replaced immediately by Keith McLoughlin, who will lead the company on an interim basis.

Shares slid 5 percent before the opening bell Friday.

McLoughlin, the former CEO of appliance maker Electrolux, has been a board member at Campbell Soup Co. since 2016.

The New Jersey food company is wrestling with declining soup and juice sales in a market crowded with competitors at the same time that many families are seeking foods they consider healthier and less processed.

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