Campbell Soup Co.
executive Anthony DiSilvestro as its next finance chief, months after the company wrapped up an investigation into accounting matters that required it to restate past earnings.
Mr. DiSilvestro most recently served as Campbell Soup’s senior vice president and chief financial officer from 2014 to 2019. He held various financial leadership roles at the soup-and-snacks maker, including treasurer and controller, as well as the finance head of the company’s North America and international divisions.
He will replace Joseph Euteneuer. Mr. Euteneuer’s departure, which was announced in October, was initially slated after a six-month transition period, however, the company delayed the departure due to the “unprecedented events surrounding Covid-19 and the disruption to the global economy.”
Mr. Euteneuer’s departure follows an accounting error tied to Mattel’s ownership of Thomas & Friends, an animated children’s show about talking trains, that reduced Mattel’s loss for 2017’s third quarter. Senior finance executives and Mattel’s auditor, PricewaterhouseCoopers, decided to change the accounting treatment of the Thomas asset, effectively burying the problem, The Wall Street Journal reported at the time. An internal investigation also found weaknesses in the company’s procedures.
Mr. DiSilvestro will join the company as an executive adviser on Monday and will assume the CFO role following the company’s second-quarter financial report, which it expects to file on July 30.
A spokeswoman for Mattel declined to comment beyond the news release.
Similar to his predecessor, Mr. DiSilvestro is expected to focus on managing costs in an effort to return the company to growth after several years of sales declines, said Stephanie Wissink, an analyst at Jefferies LLC.
“We’re in the phase of the company’s cost program that is less about substantiated cuts, and more about ongoing discipline,” she said, adding she doesn’t expect the recent accounting issues to pose challenges for the incoming executive.
Corrections & Amplifications
An accounting error tied to Mattel Inc.’s ownership of Thomas & Friends reduced the company’s loss for 2017’s third quarter. An earlier version of this article incorrectly said the error reduced the loss for 2018’s third quarter. (Corrected on June 23.)
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