When Campbell Soup Company named Todd E. Cunfer its next Chief Financial Officer on October 7, 2025, it wasn’t just a routine leadership shuffle — it was a signal that the iconic soup maker is betting big on turnaround. Effective October 20, Cunfer, 61, steps into the role vacated by Carrie L. Anderson, who held the position since February 2023. The move comes as the Campbell Soup Company, headquartered in Camden, New Jersey, trades near its 52-week low of $30.46, with investors growing uneasy over declining margins and shrinking free cash flow.
Why This CFO Change Matters
Cunfer isn’t just another finance executive. He’s a veteran of the consumer packaged goods world — over 25 years deep, with two decades at The Hershey Company and recent stints as CFO at Freshpet, Inc. and The Simply Good Foods Company. His hiring signals a deliberate pivot: Campbell’s wants someone who’s lived through ingredient cost volatility, supply chain disruptions, and the brutal reality of shrinking consumer spending on canned goods. He’ll earn a $725,000 base salary, a $1.2 million one-time cash payment for forfeited equity, plus bonuses and long-term incentives. That’s not just compensation — it’s a signal that Campbell’s is willing to pay for stability.
"His proven ability to drive change and deliver superior financial results... will be a tremendous asset," said Mick Beekhuizen, Campbell’s CEO and President. That’s corporate speak for: we need someone who can fix what the last two CFOs couldn’t.
A Company Under Pressure
Campbell’s reported $10.3 billion in net sales for fiscal 2025 — solid on paper. But behind those numbers, the cracks are widening. Profit margins are shrinking. Free cash flow has plunged. And according to TipRanks, the stock’s technical sentiment is a flat-out "Sell." The company expects to offset 60% of tariff-driven cost increases through price hikes and cost-cutting, but consumers are already feeling the pinch. A recent survey by Kantar showed that 58% of U.S. households have reduced spending on packaged soups and canned meals since early 2024.
And then there’s the product reformulation. By August 2026, Campbell’s plans to remove all artificial colors from its lineup — a move that sounds noble but carries real cost and complexity. Reformulating 120+ SKUs isn’t a marketing campaign. It’s a supply chain overhaul. And it’s happening while the company’s debt-to-equity ratio sits at 1.8 — higher than most peers.
Leadership Shuffle in the Food Sector
This isn’t an isolated case. J.P. Morgan analysts noted this marks the fourth or fifth CFO change in the U.S. food industry in 2025 — the most in any year since 2022. The Simply Good Foods Company lost its CFO to Campbell’s. Flowers Foods and Innovative Food Holdings have also replaced their finance chiefs. The pattern? When margins compress and sales stagnate, boards turn to CFOs with turnaround pedigrees — not just balance sheet wizards.
"The food industry is in a period of extreme transition," said one analyst familiar with the sector. "Brands are caught between inflation, consumer skepticism, and the pressure to go "clean label." The CFO isn’t just managing numbers anymore — they’re managing survival."
Who’s Next in Line?
Alongside Cunfer’s appointment, Kelly L. Palumbo was named Senior Vice President, Controller, and Chief Accounting Officer effective September 22, 2025. She steps in after Stanley Polomski moved into a new role focused on business process optimization. That’s another clue: Campbell’s isn’t just replacing a CFO — it’s rebuilding its entire financial architecture from the ground up.
Palumbo, a 20-year veteran of the company, brings deep institutional knowledge. But with the company’s internal audit function under scrutiny and investor relations under pressure, her role may be even more critical than the title suggests. She’ll be the one ensuring the numbers don’t just look good — they’re accurate.
What’s Next for Campbell’s?
The next 18 months will be decisive. Cunfer inherits a company with strong brand recognition but weakening momentum. He’ll need to prove that cost-cutting doesn’t mean customer erosion. That price hikes won’t accelerate the shift to private label. That removing artificial colors won’t tank margins further.
He’ll also face pressure to unlock value in the snack division — which now accounts for nearly 40% of revenue — while the soup business continues to languish. Analysts at DA Davidson have kept their "Neutral" rating and $32 price target, suggesting they see potential, but only if Cunfer can execute.
One thing’s clear: Campbell’s isn’t just hiring a CFO. It’s hiring a crisis manager with a balance sheet.
Frequently Asked Questions
Why did Campbell’s replace its CFO so soon after hiring Carrie Anderson?
Anderson, who took over in February 2023, faced mounting pressure as profit margins dropped 15% year-over-year in 2024 and free cash flow turned negative. While she managed cost controls, investors questioned her ability to drive revenue growth or navigate supply chain volatility. Cunfer’s background at Hershey and Freshpet — where he led turnaround initiatives — made him a more strategic fit for Campbell’s current crisis.
How does Todd Cunfer’s $1.2 million signing bonus impact shareholders?
The $1.2 million payment compensates Cunfer for forfeiting unvested equity and bonuses from his prior employer, not a windfall for Campbell’s. Still, it adds to executive pay scrutiny. With the company’s stock down 22% in 2025 and dividends unchanged at $0.39 per share, investors are watching closely. The bonus is tied to performance metrics, including EBITDA improvement and cash flow recovery.
What’s the timeline for removing artificial colors, and why is it costly?
Campbell’s must reformulate over 120 products by August 2026, replacing synthetic dyes like Red 40 and Yellow 5 with natural alternatives like beet juice and turmeric. These substitutes are 30-50% more expensive and less stable, requiring new packaging and shelf-life testing. The company estimates $45–60 million in one-time costs, with ongoing margin pressure of 1.5–2% annually until 2027.
Is Campbell’s stock a good buy at $30.46?
It’s a speculative play. While the dividend yield is 5.1% — attractive for income investors — the company’s declining organic sales, high leverage, and bearish technical indicators suggest more downside risk. Analysts like J.P. Morgan see the CFO change as a positive signal, but no one is calling it a turnaround yet. The $32 price target implies just a 5% upside — barely enough to justify the risk.
How does this compare to other food company leadership changes in 2025?
This year has seen unprecedented CFO turnover in the food sector: five changes so far, compared to just two in 2024 and three in 2023. Companies like Flowers Foods and The Simply Good Foods Company also replaced CFOs amid similar pressures — declining sales, inflation, and consumer shifts. Campbell’s move is the most high-profile, given its brand legacy, but it’s part of a broader industry pattern of financial leadership reshuffling to survive.
What’s the biggest risk for Todd Cunfer in his new role?
The biggest risk? Losing consumer trust while trying to cut costs. If Campbell’s raises prices too aggressively to offset tariffs, shoppers will keep switching to private-label soups. If it cuts too deeply into marketing or R&D, the brand will fade. Cunfer’s success hinges not just on balancing the books — but on restoring the emotional connection consumers once had with a can of tomato soup.
