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Diving overview:
- Campbell’s Company said Tuesday that Todd Cunfer, CFO of pet food maker Freshpet, has been named chief financial officer, effective Oct. 20.
- Cunfer, who has extensive experience in corporate finance, including 20 years at The Hershey Company, will succeed Carrie Anderson, Campbell’s CFO, who is leaving the company. Camden, New JerseyThe company said it was building on the food giant to “pursue new opportunities.”
- “Cunfer’s deep industry knowledge will be invaluable as we navigate a dynamic operating environment and continue to execute on our strategy to deliver sustainable, profitable growth,” Campbell CEO Mick Beekhuizen said in a press release.
Dive Insights:
Anderson is stepping down as CFO of Campbell’s after less than three years in the role. A spokeswoman did not immediately respond to a request for further details about her future plans.
Meanwhile, Freshpet announced Tuesday that Ivan Garcia, vice president of finance, has been named interim CFO, effective Oct. 17.
“These are the fourth and fifth CFO changes in the U.S. food sector this year, making it the most active year since 2022, by our calculations,” JP Morgan analysts said in a client note.
Innovative Food Holdings, The Simply Good Foods Company and Flowers Foods also announced financial leadership changes this year.
check, 61joins Campbell’s with more than 25 years of financial and operational experience in the consumer packaged goods industry, primarily in the food sector, the company said. He will earn a base salary of $725,000 per year in his new role, according to a securities filing. He will also receive a one-time cash payment of $1.2 million.” The documents show he was granted forfeiture of his stock compensation and recognition of his annual bonuses from his previous employment.”
Before becoming Freshpet’s CFO in 2022, he served as Chief Financial Officer of Simply Good Foods for five years. Prior to that, he held a variety of senior finance positions at Hershey for over 20 years, including Vice President of International Finance and Vice President of Global Supply Chain Finance.
Analysts at J.P. Morgan said Cunfer is, in a sense, “climbing the corporate ladder,” given that he holds top finance positions at larger companies.
Campbell’s financial leadership transition comes after the company reported mixed quarterly earnings results last month.
The company generated net sales of $2.3 billion during the fourth quarter of fiscal 2025, which ended Aug. 3, up 1% from the year-ago quarter. Organic net sales, excluding the impact of additional weekly sales and divestitures for the quarter, decreased 3% to $2.2 billion.
“Campbell ended the year on a dire note,” Morningstar analyst Erin Lash said in a client note last month.
The results “show that consumers’ search for value-added, healthy food is having a major impact on the volume of packaged food,” Lash said.
An analysis by Zacks Equity Research following the earnings results found that Campbell’s is contending with “a dynamic operating and regulatory environment that is resulting in significant input cost challenges due to tariffs that are lowering its fiscal year earnings outlook despite extensive mitigation efforts.” 
According to Campbell’s press release on the results, the decline in organic net sales was “primarily driven by lower volume/mix, in part related to the expected reversal in favorable shipping timing in the third quarter related to the implementation of the company’s existing enterprise resource planning system for Sovos Brands.”
