Bumble Bee Foods gains Campbell exec
Former Campbell Soup executive leaves the company to join Bumble Bee Foods’ executive leader team after a questionable financial quarter.
The San Diego-based company announced Todd Putman as the company’s Executive Vice President and Chief Growth Officer. Putnam joins the executive leadership team from the Campbell Soup Company where he served as general manager of Campbell Fresh. Putman’s prior experience includes senior executive-level positions across sales, marketing and innovation at leading consumer brands, including Procter & Gamble, Walt Disney and The Coca-Cola Company.
“Todd is a proven leader with the industry experience to fuel Bumble Bee’s strategic growth initiatives,” said Jan Tharp, Bumble Bee Interim Chief Executive Officer. “He will play an instrumental role in developing and executing a successful strategy that will foster transformational change and sustained growth across every aspect of the organization.”
Putnam leaves Campbell Soup after a series of questionable quarterly reports. Although the company reported better-than-expected quarterly profit, sales fell short of expectations. The company’s revenue was 2.22 billion, versus Wall Streets predicted $2.24 billion. However, this was a 33 percent increase from last years $1.66 billion, reflecting a 36-point benefit from the recent acquisitions of Snyder’s-Lance and Pacific Foods. The fourth quarter report showed that earnings were $0.31 per share in the quarter compared to $1.04 in the prior year. Excluding items impacting comparability, adjusted EPS decreased 52 percent to $0.25 per share, reflecting a higher adjusted tax rate, adjusted EBIT declines on the base business and the dilutive impact of the recent acquisitions. The company's weak financial position has drawn attention from activist investors who are pressuring the 149-year-old soup maker to sell.
Bumble Bee Foods, LLC offers a full line of canned and pouched tuna, salmon, sardine and specialty protein products marketed in the U.S. under leading brands including Bumble Bee, Brunswick, Snow’s, Wild Selections and Beach Cliff, and in Canada under the Clover Leaf brand.