Campbell Soup CEO Denise Morrison is out in an abrupt departure that many industry insiders expected to come, but few thought would happen so swiftly.
Morrison, who had been in the seat since 2011, notified employees of her resignation within the past 48 hours, sources tell CNBC, requesting anonymity because the information is confidential. The board was unhappy with its quarterly performance, one in a string of painful misses the company has had under her watch.
Shortly after announcing Morrison's departure, Campbell announced what it called "unacceptable" results.
"We delivered results that were below expectations, both ours and yours," interim CEO Keith McLoughlin told analysts in a Friday morning call.
Campbell continues to face slowing — and in some segments declining — sales. Its businesses like soup, V8 juices and SpaghettiOs remain out of sync with how today's young consumers eat. Older consumers too are increasingly paying attention to the nature of the food they are eating.
Meantime, cost pressures from shipping and margin-squeezing retailers are mounting.
As result, Campbell said Friday it is lowering its expectations for this year's organic adjusted earnings before interest and tax, anticipating a drop of 11 percent to 9 percent, greater than the 7 percent to 5 percent fall initially expected.