The change, according to CEO Mark Clouse, is intended to more accurately represent Campbell’s expanding product portfolio, which presently also includes beverages, snacks, and sauces.
The name change will be put to a vote by investors during the company’s annual meeting in November.
Even though canned soup is still a significant portion of Campbell’s business, the company has made acquisitions to try and stay ahead of the market, including Sovos Brands, the company that makes Rao’s sauces.
“We’ll never lose sight of this important business, and we’ll always love soup,” Mr. Clouse declared at the company’s investor day. “But we’re so much more than soup now, though.”
Apart from its widely recognized product line, Campbell’s portfolio comprises Goldfish crackers, Cape Cod snacks, V8 beverages, and Prego sauces.
According to Mr. Clouse, Campbell will just need steady soup sales to reach its financial goals.
However, some CEOs pointed out that since older people are more likely to eat soup, the US’s aging population is expected to boost soup sales.
More than a century ago, Campbell became the first corporation to market canned soup.
The product served as the inspiration for one of American pop artist Andy Warhol’s most well-known works.
The company projects that during the fiscal year 2025, its net sales will increase by 9% to 11%.
