Freshpet exec joins Campbell’s as new CFO

The basics:

• Campbell’s appoints Todd Cunfer CFO and executive vice president
• Cunfer previously served as CFO at Freshpet; Simply Good Foods
• He brings 25+ years of finance experience, including at The Hershey Co.

The Campbell’s Co. is bringing on a consumer packaged goods industry veteran as its new chief financial officer and executive vice president.

In an Oct. 7 press release welcoming Todd Cunfer, the Camden-based soup and snacks giant praised his 25-plus years of “proven finance and operational experience.”

As part of the role starting Oct. 20, Cunfer will lead the company’s finance function, including controllership, corporate financial planning and analysis, corporate strategy and development, tax, treasury, internal audit, investor relations, transactional services and financial systems, Campbell’s said.

Prior to Campbell’s, Cunfer served as CFO of Secaucus-based refrigerated pet food maker Freshpet Inc. since 2022.

Before that, he spent five years as CFO at Simply Good Foods Co., a nutritional foods and snacking products company in Denver. His background also includes over 20 years in senior finance roles at The Hershey Co.

At Campbell’s, Cunfer will report to Mick Beekhuizen, the company’s chief executive officer and president. Cunfer will also become a member of the operating committee as well as a corporate officer, the press release said.

Succession plan

Cunfer takes over the CFO job from Carrie Anderson, who assumed the post in February 2023.

According to Campbell’s, Anderson is leaving “to pursue new opportunities.” In addition to thanking Anderson for her contributions at the company, Beekhuizen said, “We all wish her the absolute best in her future endeavors.”

Anderson succeeded Beekhuizen when he was named president of Campbell’s meals & beverages division in November 2022.

Beekhuizen was tapped as CEO earlier this year when Campbell’s former leader, Marc Clouse, stepped down to become president of the Washington Commanders NFL franchise.

In a statement, Beekhuizen said, “I am excited to welcome Todd to the Campbell’s team. With more than two decades of food industry experience, he brings the expertise and perspective we need at this moment. His proven ability to drive change and deliver superior financial results as a strong business partner will be a tremendous asset to our company.

“Moreover, his deep industry knowledge will be invaluable as we navigate the dynamic operating environment and continue executing our strategy to deliver sustainable, profitable growth,” the CEO added.

Industry challenges

The appointment comes as Campbell’s expects to mitigate 60% of tariff-related impacts with price adjustments, efficiency measures and cost-cutting. It is also in the process of fully removing artificial colors from food and beverage products by August 2026.

In the company’s most recent quarterly earnings report, Campbell’s said it anticipates that trade duties will account for 4% of the cost of goods for the fiscal year that began Aug. 4.

Beekhuizen said last month, “Going into fiscal 2026, we’re focused on delivering today while building for tomorrow – with an increased emphasis on delivering topline growth through incremental marketing investments and consumer-led innovation, as we continue to expand our capabilities. Simultaneously, we’re increasing productivity and accelerating cost savings initiatives to help mitigate core inflation and tariff headwinds.”

For the quarter ending Aug. 3, Campbell’s recorded $2.32 billion in total sales, a 1% year-over-year increase. According to Campbell’s, snacks were up 2.4% to $1.12 billion and meals & beverages rose 0.2% to $1.2 billion.

At-home chefs

In a call with investors, Beekhuizen said, “As we have seen over the last few quarters, consumers remain cautious and intentional with their spending. They continue to seek value in a variety of ways, such as cooking at home, a behavior that fuels growth in our meals and beverages business.”

He also said that the company is “leaning into these areas” to meet consumer demand for at-home meals that provide multiple servings by highlighting soups, broths and pasta sauces.

In fiscal 2025, Campbell’s generated net sales of $10.3 billion across its two divisions of meals & beverages and snacks, the company said.