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.
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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.
