Campbell's makes another investment in R&D
Campbell's makes another investment in R&D
Campbell Soup Co. hired a seasoned research-and-development specialist to head global R&D.
Carlos Barroso, 54, previously headed up R&D at PepsiCo Foods, including Frito-Lay North America and Quaker Foods and Snacks, a $27 billion business with more than 800 R&D employees. Most recently, he had his own consulting practice.
Campbell’s spent $125 million on research and development in its most recent fiscal year.
“Research and development is an essential ingredient in our recipe for delivering the meaningful, consumer-focused innovation needed to change our company’s growth trajectory,” Denise Morrison, president and CEO, said. “Carlos brings extensive R&D food and consumer packaged goods expertise to Campbell at a very important time. His knowledge of emerging markets and open innovation, coupled with his experience in baked snacks and flavor science, makes him an excellent fit for our organization.”
Barroso will start July 31.
Camden, N.J.-based Campbell’s (NYSE: CPB) has a growing base of brands, including Pepperidge Farm, Bolthouse Farms and the flagship Campbell’s Soup line. In the fiscal year ended July 28, 2012, it had sales of $7.7 billion, even with a year earlier.
Under Morrison, who took over as CEO in 2001, the company has shifted some spending from advertising to distribution, merchandising and innovation, including development of new products.
In 2011, it invested $30 million in an “innovation center” at Pepperidge Farm’s Norwalk, Conn., headquarters.
Source: Philadelphia Business Journal
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