Business Context and Reporting Period
This Form 8-K filing by The Campbell's Company (CPB) is dated October 2, 2025, with the earliest event reported on October 7, 2025. The report discloses significant changes to the company's executive leadership, specifically the appointment of a new Chief Financial Officer and the departure of the incumbent.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change is the transition of the Chief Financial Officer role effective October 20, 2025:
- Appointment: Todd E. Cunfer has been appointed as Executive Vice President and Chief Financial Officer. He previously served as CFO of Freshpet, Inc. and held senior finance roles at The Hershey Company.
- Departure: Carrie L. Anderson, the current Executive Vice President and Chief Financial Officer, will leave her role effective October 20, 2025.
Compensation Arrangements and Outlook
Management commentary is limited to the details of the new CFO's compensation package and the departing CFO's severance entitlements.
New CFO Compensation (Todd E. Cunfer)
- Base Salary: $725,000 per year.
- Annual Bonus: Target of 90% of base salary for fiscal 2026, pro-rated, subject to performance goals.
- Long-Term Incentive: Target award of 225% of base salary for fiscal 2026.
- Sign-on/Transition Payments: A one-time grant of $1,600,000 in time-lapse restricted stock units and a cash payment of $1,200,000 for forfeiture of prior equity and bonus.
- Benefits: Participation in standard employee benefit programs and $8,000 per quarter under the Personal Choice Program.
- Severance: Will enter into an Amended and Restated Change in Control Severance Protection Agreement.
Departing CFO Benefits (Carrie L. Anderson)
- Entitled to severance payments and other benefits pursuant to the Executive Severance Pay Plan and 2022 Long-Term Incentive Plan.
The filing does not provide specific guidance, outlook, or risk factors beyond the standard disclosure of the executive transition.
Investor Verification Checklist
- Verify the exact effective date of the CFO transition (October 20, 2025) and any interim arrangements.
- Review the specific terms of the "Amended and Restated Change in Control Severance Protection Agreement" referenced in the filing.
- Confirm the total value of the one-time cash and equity payments to the new CFO against the company's total compensation budget.
- Check subsequent filings for details on the specific severance amount payable to the departing CFO, Carrie L. Anderson.