President, Chief Executive Officer & Director, Campbell Soup Company
Campbell's Company CEO Mark Clouse sits down with Jim Cramer
Campbell's Company outgoing President and CEO Mark Clouse joins 'Mad Money' host Jim Cramer to talk what's next for the company, his decision to leave the position, quarterly results and more.
About Mark Clouse
Mark Clouse, president of the Washington Commanders, discussed the team's planned $3.7 billion stadium, which is scheduled to open in 2030. He stated that construction is underway on infrastructure work such as storm sewers, with an official groundbreaking planned for the following spring. Clouse said he is working with the District of Columbia, including the mayor and district council, and described them as understanding "the economic significance and what this means to DC." He also commented on the NFL's value, noting that 23 of the 25 most-watched programs of 2025 were NFL games and stating that the league's valuations are "very very scarce" assets. Clouse also announced that the team will retire John Riggins' jersey number 44 during a game against the Los Angeles Rams on November 8. He said the decision was influenced by owner Josh Harris's memories of legendary franchise players. Clouse mentioned that the team is planning celebratory events around the weekend, similar to past ceremonies for Darryl and Art, and that they will work with Riggins to guide the planning. He added that he hopes fans will "come along for what I think is just going to be an incredible chapter" for the franchise.
Transcript (18 segments)
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Jim Cramer0:05
For years, CEO Mark Clouse has worked tirelessly to orchestrate a turnaround at Campbell Soup, now known as the Campbell Company. I'd say he's done a pretty darn good job. Although that's harder to tell from the stock because it's been pummeled in recent months. That's mostly thanks to the rotation out of defensive consumer staples. They're all having that happen. Last night though, we learned that Clouse's era is coming to an end. He's taking over as president of the NFL Washington Commanders with Mick Beekhuizen, currently the president of Meals and Beverages, becoming the new CEO. That's effective Feb 1. Bittersweet on both accounts. I love what Mark has done to turn around the old Campbell and I love that he was a fan of the Philadelphia Eagles. But when you're a sports fan like we both are and you get a chance to get to be a honcho at any NFL team, you take it. Now Campbell reported mixed quarter night. They had a slight revenue miss coupled with a modest earnings beat. Management reiterated every line of their full-year forecast. The stock got hit hard, down more than 6%. Although I can't tell if that's a response to the quarter or the leadership change, but you know what? I can tell it's more the latter. Let's take a closer look with Mark Clouse. He's the now outgoing president and CEO of Campbell's company to learn more. Mark, congratulations on the new job and welcome back to Mad Money.
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Mark Clouse1:12
Thanks Jim. Great to be here with you tonight.
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Jim Cramer1:14
Mark, your leadership, what you brought to the company, what you bring to the ranks of business people will be sorely missed when you go to a private company, but I think you got to be proud of what Campbell has become. What are the highlights of what you've been able to accomplish during your tenure?
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Mark Clouse1:32
Yeah, thank you, Jim. Well, first of all, obviously in a journey like we've been on at Campbell over the last six years, this is in no way a one-person show. It's a tremendous team. I believe strongly I've got the best leadership team in all of the industry and I think we have worked very well together to really transform the company and get it ready for this next chapter within the industry. We talk a lot about having all of the pieces now in place to really set the standard in food going forward. So when I look at it, I think about culture and team. I think about portfolio transformation. You look at the businesses and the brands we have today, we have moved dramatically from where we were six years ago. And as I think about the capabilities and our track record of performance, doing what we say and delivering on our objectives has been a critical part of the story over these last six years. So I couldn't be more excited about it. And to be quite frank, I couldn't have entertained leaving if I didn't think we were in this position and ready for the future.
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Jim Cramer2:38
But one thing I would say, Mark, is that the travails of being a modern-day food and beverage CEO. I've never seen anything like it. Salty snacks incredibly hot, then salty snacks cools a little bit. People don't like canned soup, then canned soup comes back. Rao's was a great acquisition, but maybe 5 years ago it wouldn't have been. How do you explain the changing tastes and styles of the American public?
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Mark Clouse3:01
Yeah. Look, this is a dynamic job and a dynamic industry that we're in. But I think if you follow the track of our industry over time, we have a great history of evolving with the dynamics of consumers. And in any moment that we as an industry experience some of these changes in taste or profile or what a consumer may be looking for as it relates to health and wellness or different occasions in the day, this is an industry that has demonstrated the ability to respond. And I think, Campbell, as I look at what we've built now in the portfolio, I think we're very well positioned. If I think about major trends in food right now, whether it's looking for elevated experiences, things that are a bit more premium, a little bit less tradeoff, these are where our brands live. If I look at convenience and value as another key area of growth, our meals and beverage portfolio lives in that space very well. So what I really feel like we've done and I think the industry will continue to do is to evolve to meet those trends. And I think we're well positioned within that space to be ready for this next chapter.
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Jim Cramer4:14
I think the Rao's was brilliant. But I too have been surprised about how brilliant it was. Why did that work so well?
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Mark Clouse4:23
Yeah, I think honestly you have a product that is just that unique and that special. At the end of the day in food, we talk a lot about the marketing and the promotion and all of the variables that go into it. But at the end of the day, this is about experience for the consumers and this product just is special and it lives in a space that meets so many needs for consumers. And when you match that quality with that important convenience and occasion of meeting what mom needs for dinner, it creates a powerful story. And I think that's what Rao's has really done. And at the end of the day, the team has done a masterful job of building the brand, expanding it, driving innovation, and all of it built on this foundation of incredible quality.
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Jim Cramer5:10
Now, you know, I can't resist going there. I think you're wearing already a bit of a commander outfit, at least when it comes to the shirt. I want people to know and my friend Dave Tepper was like this. He was a Pittsburgh fan, but the Panthers shot, Panthers business came up. It was a franchise and he took it. You, is it mixed that you and I both know you're an Eagles fan? You know, Kelce has been such a great spokesman for you. I don't know. I mean, Josh Harris, I know he's the owner and he's a great owner of a basketball team in Philadelphia. What is it like to have to kind of switch allegiances even though we both know the NFL is the king?
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Mark Clouse5:45
Yeah, look, I am immensely grateful to Josh Harris and the ownership group of the Washington Commanders. This is an opportunity that I really see coming around once in a lifetime. And I could not be more excited about what that team is doing. You know, Adam Peters, Dan Quinn doing an amazing job on the football field. I'm excited to come in and support them and support the team at the Commanders to build what I think is one of the greatest potentials in the NFL. So when I think about what am I excited about, I'm excited about being part of that. And as much as Jason Kelce I love and has been a great partner for the Campbell's company, I am all in on the Washington Commanders. Got my Burgundy and Gold ready to go and it's Hail time now. And I'll have to forget all that go Birds stuff.
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Jim Cramer6:33
Well, but listen, when Josh met you, was he more attracted to the fact that you were a distinguished vet or did he care more about what you've done with Campbell? What was the attraction both back and forth?
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Mark Clouse6:46
Yeah, it's been a great opportunity for me being here in Philadelphia and Camden and being in such close proximity to the Sixers organization and the Harris Blitzer organization and I've had a chance to get to know Josh. I've gotten to know Tad Brown who's the CEO of Harris Blitzer and David Blitzer as well. And I think what really struck that kind of match is very similar values, very similar drive and purpose for building winning organizations and cultures. And I think the fact that we've had the kind of success we've had at Campbell while also having a background and a track record in doing that in some different and unique environments. I think that combination fits well with what they're trying to do with the Commanders organization. But I think at the end of the day, I just couldn't be more excited to be part of that value system that Josh and the other owners of the Commanders have really put in place and excited to be part of that here in a couple.
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Jim Cramer7:48
I have to like Josh very much and the team and the owners and you know, look, I don't think you would have gone there under the old guys. I certainly know that this is the right spot for you. Mark Clouse, president and CEO of Campbell's company. I'll miss you, buddy. You know what? I'll miss you.
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Mark Clouse8:03
I'll miss you, too, Jim. And hey, look forward to seeing you at those Eagles-Commanders games.
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Jim Cramer8:08
Enjoy the bye-week. I'll talk to you soon.
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Mark Clouse8:11
Okay, thanks.
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Jim Cramer8:12
Everybody's back after the break. Coming up, cybersecurity company Okta's on the move after earnings. Cramer's identifying what's driving the identity software company higher with the CEO. Next.
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Narrator8:29
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