Campbell's Co Reports Financials, Officer Changes

TL;DR

Campbell's Co dropped an 8-K: financials updated, execs shuffled, comp plans adjusted. Check it.

AI Summary

The Campbell's Company filed an 8-K on December 3, 2024, reporting on its results of operations and financial condition as of December 1, 2024. The filing also disclosed the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with details on compensatory arrangements for these officers. Additionally, the report includes financial statements and exhibits.

Why It Matters

This filing provides investors with crucial updates on Campbell's financial performance and significant changes in its leadership and compensation structures.

Risk Assessment

Risk Level: medium — The filing covers financial results and executive changes, which can introduce uncertainty and impact investor confidence.

Key Numbers

• 1-3822 — SEC File Number (Identifies the specific SEC filing for Campbell's Co.)
• 21-0419870 — IRS Employer Identification No. (Tax identification number for Campbell's Co.)
• 20241201 — Date of Earliest Event Reported (Indicates the primary date for the reported events.)
• 20241203 — Date of Report (The date the 8-K was filed with the SEC.)

Key Players & Entities

• The Campbell's Company (company) — Registrant
• Campbell Soup Company (company) — Former name
• New Jersey (location) — State of incorporation
• Camden, New Jersey (location) — Principal executive offices
• 08103 (location) — Zip code
• 856-342-4800 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $1,200,000 — owing compensation: (i) base salary of $1,200,000 per year; (ii) target annual bonus for
• $7,500,000 — erm incentive target for fiscal 2026 of $7,500,000 under the Company's Long-Term Incentive
• $2,240,000 — receive a long-term incentive grant of $2,240,000 on February 1, 2025, which will consist
• $12,000 — fit and retirement programs and receive $12,000 per quarter under the Personal Choice P

Filing Documents

• cpb-20241201.htm (8-K) — 30KB
• exhibit991-q12025.htm (EX-99.1) — 488KB
• exhibit992-q12025.htm (EX-99.2) — 16KB
• cpb-20241201_g1.jpg (GRAPHIC) — 2555KB
• tcclogo_vxred002.jpg (GRAPHIC) — 2287KB
• tcclogo_vxred002a.jpg (GRAPHIC) — 2287KB
• 0000016732-24-000198.txt ( ) — 11851KB
• cpb-20241201.xsd (EX-101.SCH) — 2KB
• cpb-20241201_lab.xml (EX-101.LAB) — 21KB
• cpb-20241201_pre.xml (EX-101.PRE) — 12KB
• cpb-20241201_htm.xml (XML) — 3KB

02 – Results of Operations and Financial Condition

Item 2.02 – Results of Operations and Financial Condition On December 3, 2024, The Campbell's Company (the "Company") issued a press release announcing financial results for the quarter ended October 27, 2024, a copy of which is attached as Exhibit 99.1. The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (b) On December 1, 2024, Mark A. Clouse, President and Chief Executive Officer and a director of the Company, informed the Company that he would be retiring from those roles, effective January 31, 2025. (c) On December 2, 2024, the Board of Directors of the Company (the "Board") elected Mick J. Beekhuizen, age 48, as the Company's President and Chief Executive Officer, effective February 1, 2025. Mr. Beekhuizen served as Executive Vice President and President, Meals & Beverages of the Company (2023-present) and Executive Vice President and Chief Financial Officer (2020-2023) of the Company. Prior to his employment with the Company, Mr. Beekhuizen was Executive Vice President and Chief Financial Officer, Chobani LLC (2016-2019). In connection with his appointment as President and Chief Executive Officer, Mr. Beekhuizen will receive the following compensation: (i) base salary of $1,200,000 per year; (ii) target annual bonus for fiscal 2025 under the Company's Annual Incentive Plan of 150% of base salary, pro rata, payable at the discretion of the Board and subject to the achievement of individual and Comp

01 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits (d) Exhibits 99.1 Press release dated December 3, 2024 announcing financial results for the quarter ended October 27, 2024. 99.2 Press release dated December 3, 2024. 104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE CAMPBELL'S COMPANY (Registrant) Date: December 3, 2024 By: /s/ Charles A. Brawley, III Charles A. Brawley, III Executive Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR