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Campbell Soup CEO Conant to Step Down

Campbell Soup said Tuesday that Chief Executive Douglas Conant plans to step down on July 2011, the company's fiscal year-end.

Campbell's Soup
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Campbell's Soup

The 59-year-old Conant has led the company for nearly ten years, taking the post in January 2001. Recently elected director and Chief Operating Officer Denise Morrison will take the helm beginning in fiscal 2012.

Calls made to Campbell regarding Conant's future plans were not immediately returned.

Through the transition, Morrison's tasks as COO will involve leading the food manufacturer's global businesses, which include the North American Soup, Sauces, and Beverages division, the international division, and Pepperidge Farm operations.

According to a company statement, Morrison will also be in charge of corporate strategy, research and development, and global marketing.

Prior to joining Campbell in 2003, Morrison held managerial positions at Kraft and Nabisco.

Campbell shares finished Tuesday up a fraction to $36.45, but edged lower in after-hours trading. Get extended-hours quotes here.