Campbell’s (CPB) is dropping the soup, at least in name, and the change has already received shareholder approval.
Campbell Soup Co announced its intention to change its name just over two months ago, stating that it will now be known as Campbell’s Co, a slightly shorter name. Shareholders overwhelmingly approved the change last Nov. 19.
In a statement, CEO Mark Clouse said this “subtle but important change” will preserve the company’s iconic name “while reflecting the breadth of our portfolio.”
Although the New Jersey-based company is famous for its red-and-white-labeled canned soups, it does not limit itself exclusively to the soup business. It also owns brands such as Prego sauce and Goldfish crackers, and completed a $2.7 billion acquisition this year of Sovos Brands, maker of Rao’s sauces.
Despite the change, Campbell’s assures that the soup brand and its iconic packaging will not be affected.
“We love soup and always will,” Clouse said Tuesday. “The iconic red and white Campbell’s soup labels that consumers love will be on the shelves forever.”
The new name will become official upon the filing of an amendment to the company’s certificate of incorporation.
Campbell’s is not the first to attempt such a change. Companies such as Dunkin’ and KFC have also updated their corporate names in recent years, dropping references to specific products to highlight other aspects of their businesses.
