[8-K] CAMPBELL'S Co Reports Material Event

Rhea-AI Filing Summary

Campbell's Company announced the appointment of Todd E. Cunfer as Executive Vice President and Chief Financial Officer, effective October 20, 2025. Mr. Cunfer joins from Freshpet, where he was CFO since December 2022, and previously held senior finance roles at The Hershey Company and The Simply Good Foods Company. His 2026 compensation includes a $725,000 base salary, a target annual bonus equal to 90% of base salary (pro rata), a target long-term incentive equal to 225% of base salary, a one-time $1,600,000 time‑lapse RSU grant and a cash payment of $1,200,000 for forfeited awards and bonus. He will receive standard benefits and $8,000 per quarter under the Personal Choice Program. The Company also announced that incumbent CFO Carrie L. Anderson will leave the role effective October 20, 2025 and is eligible for severance under existing plans.

Positive

• Experienced finance leader hired: Todd E. Cunfer has CFO and senior finance roles at consumer food companies, adding relevant sector experience.
• Clear compensation alignment: Package includes base salary, annual bonus target at 90%, and long‑term incentive target at 225%, aligning pay with performance.
• Retention for forfeited awards: One‑time cash of $1,200,000 plus $1,600,000 RSUs to compensate forfeited prior awards.

Negative

• Near‑term cash and equity cost: The company will incur a combined immediate cost of at least $2.8M in cash and RSUs for the new CFO.
• Incumbent CFO departure triggers severance: Carrie L. Anderson will receive severance and benefits under existing plans; precise amounts were not disclosed here, creating near‑term uncertainty.

Insights

Corporate Compensation Strategist

Appointment balances external hire costs with retention incentives.

Bringing in an experienced finance executive with multi‑company CFO experience signals a priority on seasoned financial leadership. The package combines cash, a large RSU award, and above‑market long‑term incentive targets (225% of salary), designed to align Mr. Cunfer with multi‑year performance.

Execution risks include the near‑term cash outlay ($2.8M combined one‑time cash and RSU) and the need to vest/earn incentives over time; monitor grant vesting schedules and any performance conditions over the next 12–36 months.

Corporate Finance Analyst

Leadership change may cause transitional costs and near‑term reporting focus.

The departure of the incumbent CFO triggers severance and potential one‑time charges under the Executive Severance Pay Plan and the 2022 LTIP; those amounts were not itemized here. The new CFO's background at consumer food companies implies continuity in sector expertise.

Investors should note the effective date October 20, 2025 as the point when compensation and severance costs are recognized and watch subsequent filings for detailed severance figures and RSU vesting timelines.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report

(Date of Earliest Event Reported):

October 2, 2025

THE CAMPBELL'S COMPANY

New Jersey

1-3822

21-0419870

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One Campbell Place

Camden, New Jersey 08103-1799

Principal Executive Offices

Telephone Number: (856) 342-4800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Capital Stock, par value $.0375			CPB			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

On October 7, 2025, The Campbell’s Company (the “Company”) announced that Todd E. Cunfer, age 61, has been appointed as the Company’s Executive Vice President and Chief Financial Officer, effective October 20, 2025.

Mr. Cunfer served as Chief Financial Officer of Freshpet, Inc. since December 2022. Mr. Cunfer previously served as the Chief Financial Officer of The Simply Good Foods Company from August 2017 to October 2022. Prior to that, Mr. Cunfer worked for The Hershey Company in a variety of senior finance roles for more than 20 years, including Vice President, International Finance, Vice President, Global Supply Chain Finance and Vice President, North America Finance.

In connection with his appointment as Executive Vice President and Chief Financial Officer, Mr. Cunfer will receive the following compensation arrangements:

i.base salary of $725,000 per year;

ii.target annual bonus for fiscal 2026 under the Company’s Annual Incentive Plan of 90% of base salary, pro rata, payable at the discretion of the Board of Directors of the Company and subject to the achievement of individual and Company performance goals and objectives; and

iii.target long-term incentive award for fiscal 2026 of 225% of base salary under the Company’s 2022 Long-Term Incentive Program.

In addition, Mr. Cunfer will receive a one-time grant of $1,600,000 issued as time-lapse restricted stock units and a cash payment of $1,200,000 in recognition of his forfeiture of equity awards and an annual bonus from his prior employment.

Mr. Cunfer will participate in the Company’s standard employee benefit and retirement programs, and receive $8,000 per quarter under the Personal Choice Program. The Personal Choice Program is further described in the Company’s 2024 Proxy Statement.

Mr. Cunfer will enter into an Amended and Restated Change in Control Severance Protection Agreement in substantially the same form filed as Exhibit 10 (ee) to the Company’s Annual Report on Form 10-K for the fiscal year ended July 28, 2024.

There are no family relationships between Mr. Cunfer and any directors or executive officers of the Company. There are no transactions in which Mr. Cunfer has an interest which would require disclosure by the Company under Item 404(a) of Regulation S-K.

The Company has also announced that Carrie L. Anderson, Executive Vice President and Chief Financial Officer, will be leaving her role, effective October 20, 2025. Ms. Anderson is entitled to receive severance payments and other benefits pursuant to the Company's previously disclosed Executive Severance Pay Plan and 2022 Long-Term Incentive Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						THE CAMPBELL'S COMPANY
Date: October 7, 2025			By:			/s/ Charles A. Brawley, III
						Charles A. Brawley, III
						Executive Vice President, General Counsel and Corporate Secretary

FAQ

Who is the new CFO of Campbell's (CPB)?

Todd E. Cunfer was appointed Executive Vice President and Chief Financial Officer, effective October 20, 2025.

What is Todd Cunfer's base salary at Campbell's (CPB)?

His base salary is $725,000 per year.

What one‑time payments did the new CFO receive?

He received a one‑time $1,600,000 RSU grant and a $1,200,000 cash payment for forfeited awards and bonus.

What ongoing benefits accompany the CFO role at Campbell's (CPB)?

He will participate in standard employee benefit and retirement programs and receive $8,000 per quarter under the Personal Choice Program.

When does the outgoing CFO leave and will she get severance?

Carrie L. Anderson will leave the CFO role effective October 20, 2025 and is entitled to severance and other benefits under the Company's Executive Severance Pay Plan and 2022 LTIP.