Company Announcements

Bennett Dorrance to Retire from Campbell Board of Directors

Campbell Board elects Bennett Dorrance Jr. as a director

CAMDEN, N.J.--(BUSINESS WIRE)--Jul. 22, 2022-- Campbell Soup Company (NYSE:CPB) announced today that Bennett Dorrance has decided to retire from the company’s Board of Directors.

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Bennett Dorrance (Photo: Business Wire)

Bennett Dorrance (Photo: Business Wire)

Dorrance is the longest-serving member of Campbell’s Board of Directors with 33 years of service. He was elected to the Board in 1989, was Vice-Chairman from 1993-1996 and has served with distinction on all the Board’s standing committees. Most recently, Dorrance was a member of the Board’s Compensation and Organization, and Governance committees.

“Since joining the Board, Bennett has helped to grow and protect Campbell’s legacy and guide management through many chapters,” said Keith R. McLoughlin, Chair of the Board. “On behalf of Campbell and my fellow board members, we thank him for his many contributions to the company and wish him and his family the very best in his retirement.”

Bennett Dorrance is the grandson of Dr. John T. Dorrance, the inventor of condensed soup and President of the company from 1914-1930, and the son of John T. Dorrance Jr., a former Chair of the company from 1962-1984. As a major shareholder, Dorrance has provided extensive knowledge of Campbell’s history, organization and culture to his work on the Board. As the managing director and co-founder of the real estate development firm DMB Associates, Dorrance also provided business, entrepreneurial and operational expertise.

Mark Clouse, Campbell’s President and Chief Executive Officer added, “Bennett’s commitment to Campbell’s heritage, to our purpose and values, and to our iconic brands has been extraordinary. As a long-term shareholder, Bennett has been dedicated to the success of the business and continuing the legacy of his grandfather and father as a steward of Campbell’s long-term interests. His positive impact on the company will last far beyond his tenure on the Board. We wish him and his family a healthy and happy retirement.”

Dorrance Jr. Elected to Campbell Board

The Board announced that it elected Bennett Dorrance Jr., 51, an entrepreneur who has invested in a variety of successful for-profit and non-profit enterprises focused on sustainability, land management, and health and wellness.

Dorrance Jr. is a managing director for the DFE Trust Company and vice president of the Dorrance Family Foundation, which supports education, natural resource conservation and programs that improve quality of life in Arizona, California and Hawaii. He is the cofounder and a board member of Kohala Institute in North Kohala, Hawaii, which supports local farmers, local schools, alternative energy initiatives, and land and historic preservation. Dorrance Jr. is also a member of the Board of Directors of the Julie Ann Wrigley Global Institute of Sustainability at Arizona State University.

McLoughlin said, “We are excited to welcome Bennett to the Campbell Board. Like his father, Bennett has a deep appreciation of Campbell’s history and passion for the business. His expertise in sustainability and entrepreneurship will be an asset to the Board.”

Dorrance Jr. earned his B.S. in art history from Princeton University and a master’s degree in sustainable leadership from Arizona State University.

About Campbell Soup Company

For more than 150 years, Campbell (NYSE: CPB) has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2021 net sales of nearly $8.5 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Investors:
Rebecca Gardy
(856) 342-6081
Rebecca_Gardy@campbells.com

Media:
James Regan
(856) 219-6409
James_Regan@campbells.com

Source: Campbell Soup Company