Sunday, June 1, 2014

Campbell Soup CEO: 'Reshaping' firm for more…

Denise Morrison's childhood in Elberon, N.J., was far from typical.

Her father expected Morrison and her three younger sisters to read at least one book each week and then present a written or oral report to the family.

When Morrison wanted a new bike, he asked her to write a proposal with detailed reasoning on why she should get it.

And way before "take your daughter to work day" was common, her dad, Dennis Sullivan — an executive at telecommunication firms such as New Jersey Bell and AT&T — brought his daughters to the office.

"He taught us to love business," Morrison says. "Our dinner tables were like focus groups. He would bring home different products, not just to show us, but to get our input. ... He would say that one day the world would open up for women and he wanted us to be ready for that."

Morrison's mother, Connie, a homemaker and realtor, shared lessons, too. One major piece of advice was that ambition is a part of femininity.

That parental coaching, paired with Morrison's inherent determination, helped propel her to an elite position. She is the 12th CEO in Campbell Soup's 145-year history and the first female to run the consumer goods giant.

Morrison, 60, is also one of just 25 female CEOs in the Fortune 500. (Her sister Maggie Wilderotter, CEO of Frontier Communications, holds that honor as well.)

Morrison took the CEO post of Camden, N.J.-based Campbell in 2011. One of her most high-profile duties is to keep consumers buying the company's brands, which include Campbell's Soup, Prego, Pepperidge Farm, SpaghettiOs and V8.

That means creating new products to appeal to buyers' taste buds, as well as using different communication strategies to reach shoppers in supermarkets as well as on social media.

"We're changing to deliver on consumers' expectations because consumers are changing," she says.

One area of focus: better-for-you fare.

"We noticed a series of seismic shifts with the consumer and one of them is a! bout health and wellness," Morrison says.

In 2013, Campbell bought organic baby food maker Plum Organics. The year prior, it purchased Bolthouse Farms, a carrot producer that also sells salad dressings, juices and smoothies.

Morrison is in charge during a time when soup sales are simmering on low. In the third fiscal quarter ending April 27, U.S. soup sales were flat.

"I am disappointed that our plans did not drive stronger sales results in U.S. Soup," Morrison said in a statement when the results were released on May 19. She said the year-ago quarter was a tough comparison because sales were up 14% at that time.

One of Campbell's struggles is "to consistently reignite U.S. soup sales growth," Morningstar Senior Analyst Erin Lash said in a recent report.

Campbell's U.S. soup sales declined in fiscal 2011 and 2012, but it "managed to eke out a 5% increase in fiscal 2013," notes Lash, saying the firm "has yet to prove this increase is sustainable."

Lash also says that "the firm's dominant competitive position in the U.S. soup industry, as well as investments to reshape its portfolio and expand internationally, should ultimately enable Campbell to continue generating solid cash flows over the long term."

Morrison's sister, Frontier CEO Wilderotter, says that she and her siblings are well versed in overcoming challenges, as well as in seizing opportunities. They were brought up to be confident and to come up with creative ways to solve issues, she says.

"Both our parents were very strong in terms of their values and in really pushing (us) to do our personal best," she says. "They also taught us that giving back was important."

Campbell Soup CEO Denise Morrison, in gray, stands ! with her ! husband Tom Morrison (on right) and parents Connie and Dennis Sullivan.(Photo: Campbell Soup)

Morrison does that via her "very active" participation with the group Catalyst, which works to expand career opportunities for women, says Ilene H. Lang, former Catalyst CEO and current senior advisor.

Morrison, who is a Catalyst board member, "values inclusion and diversity," says Lang. "She knows that with more people, and more points of view, you're going to get better results."

The Campbell chief, who starts her day at 5 a.m., puts a large personal focus on helping others up the corporate ladder.

"I spend a lot of time mentoring and sponsoring," says Morrison. In addition to her work at Catalyst, she also interacts with young women in a company-created Camp Campbell mentoring group that addresses topics such as leadership, innovation and entrepreneurship.

"I did it to give to them and I'm getting a lot out of it as well," she says.

That seems to be a case of like father, like daughter.

Morrison's dad passed away in March, and it was noted in his obituary that among his proudest accomplishments was mentoring his four successful daughters.

Even after they became adults, he still encouraged them to strive for their next achievements.

"He definitely believed in setting goals," Morrison says.

In a LinkedIn post from June 2013, Morrison writes that after she was appointed CEO, her dad congratulated her and then asked, "What's your next goal?"

Her reply: "To build a great company."

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