Campbell welcomes Nick Shreiber to its board
CAMDEN, N.J. Campbell Soup Co. announced that Nick Shreiber, retired CEO of Tetra Pak Group, has been elected to its board of directors, effective July 1.
Prior to joining Campbell, Shreiber, 60, spent 18 years with Tetra Pak, a global company recognized as a leader in packaging and equipment for food products, as president and CEO from 2000 to 2005.
“Nick’s global experience and knowledge of the food and packaging industries will complement our board,” said Campbell chairman Harvey Golub. “His experience in Russia and throughout Europe will be especially beneficial to Campbell’s international expansion plans. We look forward to adding another accomplished business leader to our board.”
Since retiring in 2006, Shreiber has stayed involved in the business through management consulting and executive consulting. He takes the place of Philip Lippincott, who retired from the board in November after 24 years of service. Shreiber brings management experience as well as a wealth of academic experience to Campbell.
Report: Kimberly-Clark to cut 1,600 jobs
CHICAGO Kimberly-Clark said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3% of its workforce, as it tries to trim costs and respond faster to rivals and store brands.
The latest move comes four years after the maker of Kleenex tissues kicked off a three-and-a-half year cost-cutting plan that included slashing about 6,000 jobs and closing about 20 manufacturing plants.
The plan announced on Thursday does not include closing any facilities. Kimberly-Clark had said in April that it expected to cut jobs in the second and third quarters as it tries to squeeze more costs out of the organization.
Its household products, such as Kleenex and Huggies diapers, have faced stiff competition from lower-cost store brands sold by such retailers as Walmart as consumers cut back. At the same time, its K-C Professional division has been pressured because the restaurants and other businesses it serves have been hit hard by the recession.
The move is “likely a necessary step” to allow Kimberly-Clark to invest in such areas as advertising and promotion as it tries to protect its market share, Sanford Bernstein analyst Ali Dibadj said.
Procter & Gamble in particular, has stepped up its push to grab cash-strapped consumers with lower-priced versions of Bounty paper towels and Charmin toilet paper, as well as a lower-cost line of diapers, Luvs. Kimberly-Clark competes directly with P&G in those categories.
Pepsi Bottling Group taps Mexico market with energy drink
SOMERS, N.Y. The Pepsi Bottling Group announced a multi-year agreement to distribute ROCKSTAR Energy Drink in Mexico, part of PBG’s strategy to strengthen and diversify its global brand portfolio by expanding into high-growth segments.
Under the terms of the agreement, PBG will have exclusive rights to distribute ROCKSTAR products throughout all of its Mexico territories. PBG already distributes the brand in the United States and Canada.
PBG will begin distributing ROCKSTAR in Mexico in July. Financial terms of the agreement were not disclosed.