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CAMPBELL ISSUES 1992 ANNUAL REPORT AND PROXY STATEMENT

 CAMPBELL ISSUES 1992 ANNUAL REPORT AND PROXY STATEMENT
 Campbell Sets New Earnings Goals, Outlines Growth Strategies;
 Details Corporate Governance and Pay for Performance Policies
 CAMDEN, N.J., Oct. 12 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) today issued its fiscal 1992 Proxy Statement and 1992 Annual Report, titled "Proud Performance," in which David W. Johnson, Campbell president and chief executive officer, congratulated employees for their record-breaking effort despite worldwide recession.
 In the Annual Report, he outlined new goals for the $6.3 billion food processor based in Camden.
 In his letter to shareowners, Johnson described the company's new vision, "Campbell Brands Preferred Around The World." This vision underlines the strategic drive to expand sales in new geographic regions in order to ensure superior long-term results which, he said, will keep Campbell among the top financial performers in the food industry. "Specifically," he wrote, "our objectives are to: Achieve Earnings Per Share growth of 12 to 15 percent annually over the next few years; maintain Return on Equity of at least 24 percent; maintain Cash Return on Assets of at least 24 percent."
 1992 Proxy Statement Cites Leadership
 In its 1992 Proxy Statement, Campbell offers details of its industry-leading corporate governance and pay-for-performance. Key components of governance include the absence of anti-takeover devices, the requirement that all directors stand for election every year, the fact that 15 of the 16 directors are independent, the absence of interlocking directorates, and entirely independent assessment of CEO performance.
 The company's executive compensation program leads the industry in linking pay to performance. All bonuses depend entirely on achievement of tough measured financial goals. The portion of executive pay that is at-risk and dependent on performance is very high. Also, the proxy notes, all compensation programs are overseen by a committee of independent directors; an independent consultant retained by the committee has evaluated and approved the incentive programs.
 Annual Report Sets Strategies
 Johnson outlined four strategies for building Campbell into a global powerhouse:
 -- Leverage brand power to build profitable volume in key brands such as "Pepperidge Farm," "Prego," "Campbell's," "V8," and "Vlasic."
 -- Focus on the global marketing of core competencies: Soups, Cookies and Crackers.
 -- Build and expand low-cost business systems through sharing of next generation technology.
 -- Reconfigure the business portfolio, building strategic businesses while de-emphasizing non-strategic businesses.
 Johnson concluded, "As we enter fiscal 1993, we are excited and confident. The future is ours to mold. We must train talented people with a global perspective whose diverse experience and broadened cultural understanding will forge new triumphs. We intend to do just that -- creating new business muscle and pioneering new dimensions of excellence."
 Under the theme, "Proud Performance," the report highlighted a range of accomplishments in the company's year ended Aug. 2:
 -- 10 new varieties bolstered Campbell's famous Red & White soups' number one market position in North America.
 -- Combined success of "Prego" and "Healthy Request" brands propelled spaghetti sauce growth 14 percent.
 -- New "V8" Lite and Tangy vegetable juice created growth for a category that was level for three years.
 -- Swanson gained momentum with new kids' meals, Breakfast Blasts and Fun Feasts.
 -- Pepperidge Farm debuted four varieties of "Goldfish," driving volume growth.
 The Campbell report recounted productivity gains by technical and marketing teams around the world -- in the United Kingdom, Continental Europe, Mexico, Argentina, and Australia. Biscuit and Bakery division extended its computer system for business planning into international locations. Campbell's Paris, Texas, thermal processing plant was voted "Conservationist of the Year" in the state.
 In the report, Campbell estimated the impact of FAS106, Employer's Accounting for Post-retirement Benefits Other Than Pensions. The company said it is required to adopt the new rule by fiscal 1994 and estimated that its obligation for health care and life insurance benefits to retired U.S. employees will increase $15 to $25 million after-tax annually. The one-time charge to after-tax earnings to fund past benefits will be between $225 and $300 million.
 The report also noted the election of three new corporate vice presidents: David L. Albright, president, Confectionery Group; Edward S. Moerk, president, Campbell Europe Biscuits; and Gary S. Moss, vice president-Marketing Services, Campbell North and South America.
 The Campbell Soup Company Annual Meeting of Shareowners will take place on Nov. 19, 1992, at the Garden State Pavilion in Cherry Hill, N.J.
 /delval/
 -0- 10/12/92
 /CONTACT: Kevin G. Lowery, 609-342-8533, or Leonard F. Griehs, 609-342-6428, both of Campbell Soup/
 (CPB) CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ECO


MK-CC -- PH021 -- 8892 10/12/92 14:32 EDT
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Date:Oct 12, 1992
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