Campbell Soup Shakes Up Tradition With Proposed Name Change

The Campbell Soup Company intends to approach shareholders with an unexpected suggestion. Talking to investors earlier this week, the soup company’s chief executive officer, Mark Clouse, proposed dropping “soup” from its name. If shareholders ultimately approve the change at the company’s annual meeting in November, the 155-year-old company will be renamed The Campbell’s Company.

Since Clouse took the reins in 2019, Campbell has expanded far beyond just soup. Almost 50% of sales come from snack brands like Goldfish, Cape Cod, and Snyder’s of Hanover. Campbell also revamped many of its meal and beverage products, particularly sauce brands Prego, Pace, and the newly acquired Rao’s, in an effort to boost consumer interest.

“This subtle yet important change retains the company’s iconic name recognition, reputation and equity built over 155 years while better reflecting the full breadth of the company’s portfolio,” said Clouse, per CNN.

According to Campbell executives, the snack sector is expected to grow 3% to 4% this year, while meals and beverages may only increase 1% to 2%. Sales of soup products are expected to remain flat. For comparison, snack sales jumped 13%, yet sales only went up 3% for soups, in 2023.

To generate some excitement for soup, Campbell launched some new products specifically targeting younger consumers. The company’s Ghost Pepper Chicken Noodle soup was not only innovative but also quickly saw success, prompting the introduction of new products like Nashville-Style Hot Chicken soup and the short-lived Carolina Reaper soup.

To attract the more health-conscious older generation, which has been the traditional Campbell soup customer, the company is working to improve the lower-sodium Healthy Request line. Even though the brand has been on the downswing for years, an aging U.S. population, familiar with the Campbell name, will continue to be a large consumer segment for the company.

With consumers still struggling with inflation and opting to eat at home instead of dining out, Campbell expects greater demand for its products. Company-wide, net sales are predicted to rise 9%-11% in fiscal 2025.