Campbell Soup Company Names Mark A. Sarvary as President of Pepperidge Farm, Succeeding David L. Albright

Business Wire, July 15, 2002

Business Editors

Campbell Soup Company (NYSE:CPB) today announced that Mark A. Sarvary, a former top executive at Nestle USA, has been named President of Pepperidge Farm, Inc. effective August 1, 2002, succeeding David L. Albright, who has decided to leave the company to pursue personal plans. Sarvary, 43, who most recently served as Chief Executive Officer of J. Crew Group, Inc. from 1999-2002, will report to Campbell President and Chief Executive Officer Douglas R. Conant. Albright, 55, who joined Campbell in 1986 and has held his current role since 1996, will remain with the company until late July, which is the end of Campbell's fiscal year.

Conant commented, "David Albright has been an outstanding leader for Pepperidge Farm and a valued member of our senior management team. As Campbell has invested in Pepperidge Farm, Dave and his team have fully leveraged our investments to strengthen this terrific franchise. The businesses and teams he has led have consistently produced strong results. His passion for our people and our brands, combined with his professionalism and commitment to excellence, have been his personal trademarks. We greatly appreciate his contributions to Pepperidge Farm and to Campbell. I respect his decision to move on and wish him all the best in the future."

During Albright's six years as President, Pepperidge Farm significantly expanded its franchise in cookies, crackers and fresh and frozen breads, and delivered solid sales performance across its portfolio. Pepperidge Farm is now the leading premium baked goods company in the U.S. and the fastest growing major brand in the cookie and cracker categories. Under Albright's leadership, "Goldfish" crackers became the best-selling brand of cheese crackers for the first time at retail in the most recent 26-week period. "Goldfish" crackers now hold the number two position among all U.S. cracker brands.

Albright began his career at Campbell as General Manager of Pepperidge Farm's Biscuit Business Unit and Vice President of Marketing. In 1991 he was promoted to President of Campbell's Confectionary Group, which included Godiva Worldwide and Continental Sweets, and guided the group to record sales and earnings.

Albright commented, "Pepperidge Farm has an incredibly bright future, not only because of its record breaking growth rates today, but because of the investments it is making in its future. Most importantly, the talent and passion of the Pepperidge team is truly exceptional and, together, they will no doubt continue to achieve extraordinary things."

Sarvary joins Campbell with diverse management and marketing experience, including six years in several senior management positions at Nestle USA. He began at Nestle in 1993 as Vice President, Business Development of the company's Food Division, later becoming Vice President, Retail Confections of the Chocolate Division. From 1995-1999 he held three different positions in Nestle's Frozen Food Division: Vice President, Marketing, Assistant General Manager and President/General Manager. This division included "Stouffer's" and "Lean Cuisine," two of the company's largest and most profitable U.S. food brands. Under his leadership the division's sales increased significantly to $1.2 billion and profits hit record highs. Much of this growth resulted from the successful launch of the new brand "Skillet Sensations."

Conant commented, "Mark brings to Pepperidge Farm a strong combination of food industry, management and consumer marketing experience. He has managed large and complex consumer businesses. He has proven know-how in production and distribution. His focus on breakthrough thinking and innovation, as well as his commitment to winning in the workplace, all make him well suited to lead one of Campbell's strongest businesses. He joins the Pepperidge Farm team at a time when they are well positioned to continue their strong sales growth track record and produce good top and bottom line results. We are delighted to have someone of his professional caliber join our organization."

From 1988-1992, Sarvary was a management consultant with Bain and Company and from 1981-1988 was an Account Manager and later Marketing Manager with IBM in the United Kingdom.

Sarvary earned a Bachelor of Science degree in Physics from Kent University in the United Kingdom and a Masters of Business Administration degree from INSEAD in France.

"The opportunity to work with Pepperidge Farm, one of America's favorite brands, and the team of people who are responsible for its excellence, is fantastic," Sarvary said. "The company's strong foundation provides a very competitive platform for continued innovation and growth. I look forward to harnessing the power of Pepperidge Farm's people and its products to produce top quality results in every aspect of the business."

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