Campbell Soup Co. has named Chobani CFO Mick Beekhuizen as its new CFO, effective next month. Beekhuizen will replace Anthony DiSilvestro, who is leaving the company.
Prior to Chobani, Beekhuizen served as CFO at Education Management Corp. and as a managing director in Goldman Sachs' merchant banking division. "Mick's background and experience in leading publicly traded and private food companies will serve Campbell well as we set the company on a course to deliver sustainable, profitable growth and create shareholder value," Campbell CEO Mark Clouse said in the announcement.
Campbell hired Clouse as CEO in December, and it's a common practice for new CEOs to assemble their own team, Erin Lash, director of consumer equity research at Morningstar Research, told CFO Dive. "We've seen this exact practice at Kellogg, General Mills and even earlier this week at Kraft Heinz," she said.
In leading Campbell's finance function, Beekhuizen will oversee "tax, treasury, audit, investor relations, external development, corporate financial planning and analysis, and financial systems, as well as the company's information technology group," Campbell's statement said.
Campbell's hiring of Beekhuizen is consistent with a recent trend of shuffling the C-suite as companies try to steady themselves after years of lackluster performance.
The company divested its $565 million Campbell Fresh operations last year after a portfolio review, FoodBev reported.
Campbell's is also leaning toward selling its subsidiaries. Campbell's has agreed to sell its Australian snacks unit, Arnott's, as well as some of its international operations, to investment firm KKR for $2.2 billion, FoodBev wrote. It also offloaded its Denmark-based Kelsen Group to Ferrero affiliate CTH Invest for approximately $300 million, according to FoodBev.
Campbell is seeing some upticks in profitability after the sales. It's scheduled to report its quarterly earnings results Friday. Analysts are expecting the company to report earnings of 41 cents a share on revenue of $1.98 billion, according to TheStreet.
Food and beverage industry leaders are focusing on "extracting cost and driving profitability, particularly following the Kraft Heinz merger," Morningstar's Lash said. But C-suite turnover has been a challenge.
"I can't think of any firm across consumer products that hasn't had a CEO or CFO change in the last two to three years," Lash said.