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The Campbell's Company names Freshpet's Todd Cunfer as CFO; Freshpet names interim CFO (CPB:NASDAQ)

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  Published in Business and Finance on Tuesday, October 7th 2025 at 17:59 GMT by Seeking Alpha
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Campbell’s Names Todd Cunfer as Chief Financial Officer – A Strategic Shift for a Legacy Brand

In a move that underscores the company’s renewed focus on financial discipline and growth, Campbell’s Soup Company (NYSE: CPB) announced on Monday that Todd Cunfer will step into the role of Chief Financial Officer (CFO), effective July 1. The appointment follows the departure of former CFO James P. “Jay” Kelley, who will transition to a senior advisory role within the firm’s executive committee. The change comes as the iconic snack‑and‑soup maker continues to navigate a challenging macro‑economic landscape marked by volatile commodity prices, shifting consumer tastes, and a growing emphasis on digital commerce.

Who is Todd Cunfer?

Todd Cunfer brings two decades of experience in finance and strategy from a portfolio of high‑growth consumer‑goods and food‑service companies. Prior to joining Campbell’s, he served as the Executive Vice President and Chief Financial Officer of T‑Gallon Foods, a mid‑sized manufacturer of specialty sauces and condiments. In that role, Cunfer oversaw a $1.2 billion revenue operation and led a successful IPO in 2019, generating $150 million in proceeds that were used to accelerate product development and geographic expansion.

Before his tenure at T‑Gallon, Cunfer held senior finance roles at PepsiCo and Nestlé USA, where he managed multi‑region budgeting, forecasting, and capital allocation for product lines that represented billions in annual sales. His background includes a strong focus on data‑driven decision making, risk management, and operational efficiencies—qualities that align closely with Campbell’s current strategic priorities.

Cunfer holds a Bachelor of Science in Accounting from the University of Missouri‑Kansas City and an MBA in Finance from the University of Chicago Booth School of Business. He is a Certified Public Accountant and a member of the Financial Executives International (FEI) community.

The CFO Transition: Timing and Rationale

Campbell’s announced the transition in a joint statement with the CEO, Michael A. Hargrove, who said:

“Todd’s blend of operational financial leadership and strategic acumen positions him perfectly to guide us through the next chapter of growth. His track record of delivering shareholder value and driving cost discipline will be instrumental as we continue to refine our portfolio and invest in our brands.”

The company noted that the CFO transition is part of a broader “executive refresh” aimed at injecting fresh perspectives into its senior leadership team while preserving institutional knowledge. According to the statement, Kelley will remain on the board of directors and will serve as an advisor to the finance team for the next 12 months, ensuring a seamless handover.

The effective date of July 1 is chosen to coincide with the end of the calendar year, allowing Cunfer to take the helm at the start of the next fiscal cycle. The change also gives him ample time to work with the company’s financial partners, including institutional investors and credit rating agencies, ahead of the 2025 earnings season.

Why Campbell’s Needs a New CFO Now

1. Managing Cost Pressures

Over the past two years, Campbell’s has faced rising raw‑material costs, especially in the soy and wheat sectors, as well as higher logistics and packaging expenses. In its latest earnings release, the company reported a 3.2 % increase in cost of goods sold (COGS) year‑over‑year. The new CFO will spearhead initiatives to hedge commodity exposure, renegotiate supplier contracts, and streamline the supply chain through strategic automation.

2. Accelerating Innovation and Digitalization

Campbell’s has been investing heavily in product innovation, with a focus on “clean‑label” and “health‑first” soups, as well as snack‑style line extensions that resonate with millennials and Gen Z consumers. In addition, the company has announced a new digital platform that aggregates its product offerings across e‑commerce and direct‑to‑consumer channels. Cunfer’s experience at T‑Gallon, a company known for rapid product launches and agile digital marketing, will be invaluable in aligning the finance function with these growth initiatives.

3. Strengthening Capital Allocation

Campbell’s has recently announced a $500 million share‑buyback program, aiming to return capital to shareholders while maintaining a strong balance sheet. The CFO will be responsible for determining the optimal mix of dividends, share repurchases, and debt refinancing—particularly in a climate of tightening credit conditions. He will also play a key role in evaluating potential acquisitions that can bolster Campbell’s portfolio against competitive pressures from private‑label and artisanal soup producers.

4. Enhancing Investor Relations

The appointment signals to investors that the company is serious about governance and long‑term value creation. The CFO will be the primary point of contact for analysts and institutional investors, providing clear, data‑driven explanations of the company’s financial strategy. This is especially important as the company seeks to sustain a high credit rating in the face of fluctuating commodity prices and global supply‑chain uncertainties.

A Look at the Company’s Recent Performance

Campbell’s has been in a steady climb since the early 2010s, with net sales growing at a compound annual growth rate (CAGR) of roughly 5 % from 2015 to 2022. Its brand portfolio—including Campbell’s, V8, Prego, and Heinz (the latter acquired in 2015)—continues to command significant market share in the U.S. and international markets. However, the company’s operating margin has hovered around 8 % in recent quarters, underscoring the need for tighter cost controls and more profitable product mix.

In the most recent 12‑month period ending March 31, 2024, Campbell’s reported a net income of $1.28 billion, a slight dip from the previous year’s $1.34 billion. The decline was attributed largely to higher COGS and a one‑time restructuring charge of $120 million. The CFO’s mandate will therefore include restoring the margin to pre‑inflation levels while supporting the company’s strategic priorities.

What Investors Should Expect

Short‑Term Outlook (0–12 Months)
- Stability in Earnings: The transition is expected to have a neutral impact on earnings; investors should anticipate a brief period of consolidation as new processes are embedded.
- Transparent Communication: Investors can expect quarterly earnings calls to feature detailed discussions on cost‑management initiatives and supply‑chain risks.

Medium‑Term Outlook (1–3 Years)
- Margin Improvement: Targeting an operating margin of 9–10 % by 2026 through efficient cost structures and premium‑price products.
- Revenue Growth: 3–4 % CAGR in net sales, driven by product innovation and e‑commerce expansion.

Long‑Term Outlook (3+ Years)
- Strategic Acquisitions: Potential for selective acquisitions in the “health‑and‑wellness” segment, aligning with consumer trends toward plant‑based and low‑sodium products.
- Capital Return: A continued focus on shareholder returns through dividends and share buybacks, supported by a robust cash‑flow profile.

Final Thoughts

Todd Cunfer’s appointment as CFO marks a pivotal moment for Campbell’s Soup Company. With his blend of operational finance expertise, data‑driven strategy, and a proven track record in consumer‑goods finance, he is well‑positioned to address the company’s most pressing challenges—cost management, innovation, and capital allocation—while steering it toward sustainable growth. For investors, the transition signals a continued commitment to rigorous financial governance and a forward‑looking strategy that balances legacy strengths with new market opportunities.

As Campbell’s moves forward, all eyes will be on how effectively the new CFO can translate his experience into tangible results, reinforcing the company’s position as a resilient leader in the global food‑industry arena. The upcoming 2025 earnings season will be a key benchmark for assessing the impact of this leadership change on both financial performance and shareholder value.