Campbell Picks Nabisco Exec as New CEO

Campbell Soup Co. said it named Nabisco Foods Co. President Douglas Conant as chief executive and president, ending weeks of speculation that he would take the top spot at the struggling soup maker. Conant, whose appointment is effective immediately, had been president of Nabisco Inc.’s snack and condiments division since 1995. Tobacco, food and drink giant Philip Morris Cos. bought Nabisco Holdings in December. Analysts have said that Conant has the experience to help boost Campbell’s sagging results. The company has seen soup consumption erode as consumers look to more convenient, ready-to-eat products. In fiscal 2000, its sales slipped 2% to $6.3 billion, while earnings fell 4% to $1.65 a share. Conant, 49, replaces David Johnson, 68, a former CEO who had returned to that role on an interim basis after Dale Morrison abruptly resigned last March. Campbell shares closed up 25 cents at $32.75 on the NYSE.