Campbell

Former Lib Dem leader Sir Menzies Campbell dies aged 84

Catherine LystBBC Scotland

Getty Images Sir Menzies Campbell who has greay hair and glasses. He is wearing a dark suit and tie with a white shirt. He is standing in front of a blurred Houses of ParliamentGetty Images

Sire Menzies Campbell led the Liberal Democrats from 2006 to 2007

Former Liberal Democrat leader Sir Menzies Campbell has died at the age of 84.

Sir Menzies, or Ming as he was widely known, led the Liberal Democrats from 2006 to 2007 and was the MP for North East Fife at Westminster for 28 years.

In his first career as a sprinter, he held the UK 100m record from 1967 to 1974 and ran in the 1964 Tokyo Olympics – being dubbed The Flying Scotsman.

Lib Dem leader Ed Davey described Sir Menzies as “a dedicated public servant and a true Liberal giant”.

He said: “His principled leadership opposing the Iraq War was a mark of his morality, courage and wisdom.

“But more than that, he was an incredibly warm and caring friend and colleague. We will miss him terribly.”

Sir Menzies died peacefully in London following a period of respite care. His grandson was with him.

His family said one of his final days was spent watching the Liberal Democrats Party Conference, and enjoying watching video messages from political friends.

Sir Menzies first stood as a candidate for the Liberal Democrats in 1976, but did not win his constituency for 11 years.

He made his name as the party’s foreign affairs spokesman, a position he held for 14 years and was a renowned critic of the Iraq war.

He became a member of the House of Lords in 2015. His official title was Baron Campbell of Pittenweem.

Getty Images Sir Menzies Campbell is standing at a podium with microphones. He is wearing glasses and a dark suite, white shirt and light blue tie.He is surrounded by his supporters who are clapping and smiling at him. There is an orange backdrop with the words ming campbell campaignGetty Images

First Minister John Swinney said: “I am deeply saddened to learn of the passing of Lord Campbell – one of the most distinguished and well-liked political figures of his generation.

“I first got to know him well as a newly-elected MP where he welcomed me and helped me adapt to life in House of Commons. Over the years since, we often worked together on the many issues on which we agreed.”

He said Sir Menzies was “a passionate believer in a better Scotland” but also a strong internationalist – keen to build consensus and find common ground.

“Those entering public service today could learn much from his style – always forthright in speaking up for what he believed in, but never anything other than respectful, courteous and polite to his political opponents,” Swinney said.

“On behalf of the Scottish government I offer my condolences to Lord Campbell’s family. My thoughts today are with them, his Liberal Democrat colleagues and his many friends across the political spectrum and beyond.”

Scottish Liberal Democrat leader Alex Cole-Hamilton MSP said Sir Menzies was one of the “most respected politicians of his generation”.

He said: “The first political thing I ever did was to deliver leaflets for Ming on the morning of his first election to Parliament in 1987.

“He was my MP, he was my mentor and he was my friend. From the Olympic track to the benches of Westminster, his contribution to public life will long be remembered.”

Getty Images Sir Menzies is wearing a dark suit, white shirt, and tie. He is standing next to his wife Elspeth who is dressed in a green outfit with a matching hat, pearl necklace and pearl earrings.Getty Images

Sir Menzies wife of more than 50 years, Elspeth, died in 2023

Wendy Chamberlain, current MP for North East Fife, said Sir Menzies “remained a significant figure” in the area.

She added: “His contributions to our communities, to the University of St Andrews, as well as to Scotland and the UK were immeasurable.

“Although he found the passing of his beloved Elspeth difficult, rather than retreat, until the last weeks of his life, he was still travelling to London to contribute in the House of Lords.”

Born Walter Menzies Campbell on 22 May 1941, Sir Menzies was brought up in a Glasgow tenement.

He was educated at Hillhead High School and went on to the University of Glasgow, where he was a contemporary of both John Smith and Donald Dewar studying Law and debating in the union.

He also attended Stanford University in California during the Vietnam War and later became an advocate.

Sir Menzies was called to the Scottish bar in 1968 and made a QC (latterly KC) in 1982. The law gave him a lucrative career and he continued to practise throughout his time in politics.

His wife of more than 50 years, Elspeth, died in June 2023 – he described her as his “constant political companion, always my encouragement and forever my first line of defence”.

Glenn Campbell box

Menzies Campbell’s contribution to our politics was far greater than his short spell as party leader suggests.

His was an extremely well informed voice on defence and foreign affairs which was central to the public debate during and after the Iraq war.

He and his late wife Elspeth were the best of political company with a great deal of insight into the Westminster issues and characters of the day.

In many ways Elspeth was more ambitious for her husband than he was for himself. His period as party leader was not a happy one.

He was on the receiving end of a persistent ageism – caricatured as a grandfatherly figure with his best days behind him when compared with rival leaders like Tony Blair and David Cameron.

When appearing on TV for interview he always insisted on wearing a tie because he felt it was what his constituents would expect.

But I knew he’d given in to modernising advisers who wrongly thought they could reinvent his image when one Sunday morning he appeared in our studio in an open-necked shirt. It was not long before he resigned.

It was his wisdom, experience and courtesy that were his greatest strengths and these were undervalued qualities during his time at the top.

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Ricky Hatton: Son Campbell pays tribute to father

Ricky Hatton won 45 of his 48 professional bouts during a 15-year boxing career, and was world champion at light-welterweight and welterweight. He last fought professionally in 2012, though had planned to return to the ring in October.

Nicknamed ‘the Hitman’, Hatton established himself as a hugely popular fighter with character inside and outside the ring – an estimated 30,000 fans travelled to watch his title fight against the great Floyd Mayweather in Las Vegas in 2007.

Campbell was also a professional boxer and won his first 14 professional fights. He retired earlier this year.

Hatton’s family issued a statement on Monday in which they spoke of the outpouring of love and support towards him.

“He had a heart as big as his smile, and his kindness, humour and loyalty touched everyone who was lucky enough to know him,” it said.

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Campbell Soup Lifts Cost Savings Target

Campbell Soup(NYSE: CPB) reported fourth quarter fiscal 2025 earnings on September 3, 2025, with organic net sales down 3% and adjusted EBIT down 2% year-over-year, but results slightly exceeded internal expectations. Management raised its enterprise cost savings target by 50% to $375 million by fiscal 2028, while fiscal 2026 guidance anticipates adjusted EPS will decline 12%-18% due to significant tariff headwinds and elevated input costs. The following insights highlight key strategic developments, risk factors, and competitive strengths from the call.

Cost savings target rises for Campbell Soup

Campbell increased its enterprise-wide cost savings program target from $250 million to $375 million by fiscal 2028, following $145 million in realized savings in fiscal 2025, primarily from Sovos Brands integration and network optimization. This expanded target reflects a more aggressive approach to efficiency, digital transformation, and indirect spend management, supporting reinvestment in core brands.

“Today, we are increasing our cost savings target to $375 million by the end of fiscal 2028, a 50% increase over the previous estimate. PEEK will continue to focus on four areas: network optimization, integration synergies, technology and organization effectiveness, and indirect spend management.”
— Carrie Anderson, Chief Financial Officer

This step-up in cost savings ambition provides Campbell with greater flexibility to offset inflationary pressures and fund marketing and innovation, but also raises execution risk if integration or productivity initiatives underdeliver.

Tariff headwinds pressure Campbell Soup margins

For fiscal 2026, gross tariffs are projected at approximately 4% of cost of products sold, with about 60% of the impact from Section 232 steel and aluminum tariffs affecting the soup can supply chain, and the remainder from global IPEA tariffs and Rao’s imports from Italy. Management expects to mitigate only 60% of these tariffs through supplier collaboration, alternative sourcing, productivity, and targeted pricing actions.

“Gross tariffs are projected at approximately 4% of cost of products sold, approximately 60% related to Section 232 steel and aluminum tariffs, and the remainder largely from global IPEA tariffs. Despite the ongoing uncertainties around the IPEA tariffs, we are still assuming that they remain in place for the year. We expect to mitigate approximately 60% of this impact through a number of actions,”
— Carrie Anderson, Chief Financial Officer

Persistent tariff-related cost inflation will weigh heavily on Campbell’s margins in fiscal 2026, requiring further pricing, supply chain, or structural changes to protect profitability if mitigation efforts fall short.

Brand leadership and innovation drive Campbell’s resilience

In fiscal 2025, Campbell’s 16 leadership brands represented about 90% of total net sales, with meals and beverages gaining 0.2 share points and delivering 1% dollar consumption growth, offsetting softness in snacks. Rao’s brand net sales rose at a high single-digit rate on a pro forma basis, and recent innovation contributed approximately 3% to consolidated net sales, led by Milano White Chocolate and health-forward broth offerings.

“Our stronghold in the Italian sauce category continues as Rao’s, which will soon become our fourth billion-dollar brand, and Prego hold the top two spots in dollar share, and we are excited about the prospects for future growth with these great brands.”
— Mick Beekhuizen, Chief Executive Officer

Campbell’s ability to maintain category leadership and drive measurable growth through innovation and brand investment underpins its long-term market position, even as short-term volumes remain pressured by cautious consumer behavior.

Looking Ahead

Management guided fiscal 2026 adjusted EBIT down 9%-13% and adjusted EPS down 12%-18%, primarily due to tariff headwinds and increased investment in marketing and innovation, with organic net sales expected to range from down 1% to up 1%. Capital expenditures are projected at 4% of net sales in fiscal 2026, with planned cost savings of approximately $70 million. All forecasts are on a comparable 52-week basis, excluding the extra week from fiscal 2025 and divestiture impacts, and no additional quantitative guidance was disclosed regarding segment profit or volume mix.

This article was created using Large Language Models (LLMs) based on The Motley Fool’s insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool recommends Campbell’s. The Motley Fool has a disclosure policy.

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