Campbell Soup CEO Denise Morrison Out, Strategic Review Under Way

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NEW YORK (AP) - The top executive at Campbell Soup will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure due to shifting American tastes.

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Denise Morrison, who has been has been CEO since 2011, is being replaced immediately by Keith McLoughlin, who will lead the company on an interim basis.

Shares slid 5 percent before the opening bell Friday.

McLoughlin, the former CEO of appliance maker Electrolux, has been a board member at Campbell Soup Co. since 2016.

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The New Jersey food company is wrestling with declining soup and juice sales in a market crowded with competitors at the same time that many families are seeking foods they consider healthier and less processed.

The company posted a third-quarter loss of $393 million on Friday and lowered its earnings projections for the year, due in part to the acquisition of the snack company Snyder's-Lance Inc. Campbell's now expects 2018 earnings to decline between 5 percent and 6 percent, greater than the previous projections of a decline ranging between 1 percent to 3 percent.

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