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CPB > SEC Filings for CPB > Form 8-K on 24-Jan-2014All Recent SEC Filings

Show all filings for CAMPBELL SOUP CO

Form 8-K for CAMPBELL SOUP CO


24-Jan-2014

Change in Directors or Principal Officers


Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 24, 2014, Campbell Soup Company (the "Company") announced that B. Craig Owens, Senior Vice President, Chief Financial Officer and Chief Administrative Officer, has informed the Company of his decision to retire on May 1, 2014, and that the Board of Directors has appointed Anthony P. DiSilvestro as Senior Vice President and Chief Financial Officer, effective as of that date.

Mr. Owens, age 59, joined the Company as Senior Vice President, Chief Financial Officer and Chief Administrative Officer in 2008. Mr. DiSilvestro, age 55, joined the Company in 1996, currently serves as Senior Vice President - Finance, and is the Company's principal accounting officer. Prior to his appointment as Senior Vice President - Finance in 2010, Mr. DiSilvestro held a number of senior financial roles within the Company's various business units and its finance organization, including having served as the Company's Controller and as its Treasurer. He has been an executive officer of the Company since 2004.

In connection with his appointment and promotion, Mr. DiSilvestro's annual base salary has been set at $560,000. He will continue to participate in Campbell's Annual Incentive Plan ("AIP") and Long-Term Incentive Plan ("LTI"). For executive officers at Mr. DiSilvestro's level in his new position, the current target annual bonus amount under the AIP is 90.0% of annual base salary and the target LTI grant is 250% of annual base salary. Actual awards may be greater or less than the target amount in accordance with applicable performance criteria, as determined by the Compensation and Organization Committee of the Board of Directors. Mr. DiSilvestro's new LTI target will apply to his grant for fiscal 2015 and his AIP target for fiscal 2014 will be subject to applicable pro-ration guidelines. In addition to the incentive compensation plans, he will continue to participate in other compensation and benefit plans available to all executive officers as described in the Company's 2013 proxy statement filed with the Securities and Exchange Commission on October 4, 2013.


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