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Mark Clouse
Former President, Chief Executive Officer & Director, Campbell Soup Company

Campbell's Company CEO Mark Clouse sits down with Jim Cramer

📅 Dec 05, 2024 CNBC Television 8 MIN 2200 VIEWS 18 SEGMENTS · 3 SPEAKERS
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.

Questions asked in this interview

7
  1. 0:05Although I can't tell if that's a response to the quarter or the leadership change, but you know what?
  2. 1:14What are the highlights of what you've been able to accomplish during your tenure?
  3. 2:38How do you explain the changing tastes and styles of the American public?
  4. 4:14Why did that work so well?
  5. 5:10What is it like to have to kind of switch allegiances even though we both know the NFL is the king?
  6. 6:33What was the attraction both back and forth?
  7. 7:48I'll miss you, buddy. You know what?
Jim Cramer 0:05 ↗
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.
Mark Clouse 1:12 ↗
Thanks Jim. Great to be here with you tonight.
Jim Cramer 1:14 ↗
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?
Mark Clouse 1:32 ↗
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.
Jim Cramer 2:38 ↗
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?
Mark Clouse 3:01 ↗
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.
Jim Cramer 4:14 ↗
I think the Rao's was brilliant. But I too have been surprised about how brilliant it was. Why did that work so well?
Mark Clouse 4:23 ↗
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.
Jim Cramer 5:10 ↗
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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Cite this transcript

APA, MLA, BibTeX
APA

Clouse, M. (2024, December 5). Campbell's Company CEO Mark Clouse sits down with Jim Cramer [Interview transcript]. CNBC Television. CEOInterviews.AI. https://ceointerviews.ai/interview/608525/

MLA

Mark Clouse. "Campbell's Company CEO Mark Clouse sits down with Jim Cramer." CNBC Television, 5 Dec. 2024. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/608525/.

BibTeX
@misc{clouse2024_608525,
  author       = {Mark Clouse},
  title        = {Campbell's Company CEO Mark Clouse sits down with Jim Cramer},
  howpublished = {Interview transcript, CNBC Television. CEOInterviews.AI},
  year         = {2024},
  month        = {dec},
  url          = {https://ceointerviews.ai/interview/608525/},
  note         = {Speaker-attributed transcript with timestamps}
}