Campbell’s CEO Mark Close is leaving the soup and snack maker to become president of the NFL’s Washington Commanders.
Close will remain in his position until January 31, the company said on Tuesday. Mick Beckhuizen, Head of Meals and Beverage, will succeed Close on February 1 and will also join the company’s Board of Directors.
Beekhuizen joined Campbell’s in 2019 as chief financial officer, and has overseen the meals and beverage business, which the company said is worth $5.3 billion, since 2022. He previously served as chief financial officer of Chobani Inc.
Campbell shares were down 4.2% at 4:58 p.m. in New York extended trading. The stock is up 5.3% this year through Tuesday’s close.
Close became CEO in early 2019. As a veteran of the packaged food industry, he helped stabilize the company, which at the time was suffering from the ongoing decline of canned soup. Since then, he has helped diversify Campbell’s by adding Sophos Brands, which makes Rau’s tomato sauce, and selling more broth under its Swanson brand. He also emphasized the focus on snacks, such as Cape Cod potato chips, while cutting costs.
Earlier this year, the company changed its name to Campbell’s, dropping the reference to the soup. It was a symbolic move to show that the popular but declining canned soup business no longer supported the company’s growth plans.
However, investor returns under Clouse have lagged the market. Campbell’s shares have risen 29% since he took office, compared with a 130% gain for the S&P 500.
Josh Harris, co-founder of Apollo Global Management Inc, bought the Commanders last year for $6.05 billion, and has been searching for a team president since the departure of its former leader, Jason Wright. The new president will be tasked with finding a site to build a new stadium and perhaps striking a deal with Washington, D.C., Maryland or Virginia.
“The role of Washington captain is a once-in-a-lifetime position that blends my passion for business and love of sports,” Close said in a statement. “A leadership role in professional sports is the only thing that would have kept me away from Campbell.”
The leaders, who have rebounded from years of trouble under the team’s previous owner, said Close is a “dynamic leader with a proven track record of guiding organizations towards excellence.”
Wright, the NFL’s first black team president, said in July that he would leave the team by the end of the 2024 season.
Also on Tuesday, Campbell on Tuesday reported net sales of $2.77 billion for the company’s fiscal first quarter, just below analysts’ average estimate. The company said U.S. soup sales were down compared to last year due to the timing of Thanksgiving. Sales of snacks, including Pepperidge Farm cookies and Goldfish crackers, also declined.