Campbell Soup CEO Denise Morrison Suddenly Resigns

Campbell Soup announced on Friday that the company’s CEO, Denise Morrison, is retiring.

The resignation is effective immediately and COO of the company, Luca Mignini, may be the candidate for the position according to sources who spoke to CNBC.

The sources said there would be a search before any successor is announced.

According to the unidentified sources, the resignation notification had been given to employees within the last 48 hours.

Morrisson had been CEO of the company since 2011. Keith McLoughlin was named interim CEO and will lead the company on an interim basis.

Next to a CEO departure, the company also released third quarter results and revealed a loss of $393 million. The company also lowered its earnings projections for the year.

“We delivered results that were below expectations, both ours and yours,” interim CEO Keith McLoughlin stated.

Disclaimer: We have no position in Campbell Soup Company (NYSE: CPB) and have not been compensated for this article.