Campbell Soup retires Franco-American brand
TRENTON, N.J. -- Franco-American, the brand name that has adorned cans of kids' mealtime favorite SpaghettiOs and other foods for more than a century, is being consigned to history.
Campbell Soup Co. is retiring the Franco-American brand name in favor of the better-known Campbell's brand.
The change is meant to boost sales of SpaghettiOs, RavioliOs and regular spaghetti, along with beef, chicken and turkey gravy varieties sold in cans and jars, Juli Mandel Sloves, a spokeswoman for Camden, N.J.-based Campbell Soup Co., said Thursday.
She said a market analysis recently found that the Campbell's brand was better recognized and regarded by the public than Franco-American.
Dollar rebounds from record low against euro
BERLIN -- The U.S. dollar bounced back after sagging to another record low against the euro Thursday.
The currency's persistent weakness spurred speculation that the European Central Bank may stage a risky intervention in currency markets to prop up the dollar and protect Europe's export-driven recovery.
The 12-country euro rose as high as $1.3074, setting a new record for a second consecutive day on persistent concerns about U.S. budget and trade deficits, before drifting back to $1.2968 in late New York trading as dealers took profits.
Nike CEO Phil Knight steps down
PORTLAND, Ore. -- Phil Knight stepped down Thursday as president and chief executive officer of Nike Inc., the $12 billion athletic shoe and clothing company he co-founded and built into the world's largest shoe maker and one of its best-known brands.
He will be succeeded by William D. Perez, head of S.C. Johnson & Son Inc., maker of Glade air fresheners and Drano drain cleaner.
Knight, 66, will remain chairman of the company's board of directors, the company said. He did not give a reason for his resignation, which is effective Dec. 28.
A former University of Oregon track star, Knight founded Blue Ribbon Sports, Inc., with Bill Bowerman in 1968. Knight's first shoes, which he sold out of the trunk of his car, had soles made on Bowerman's waffle iron. The company was renamed Nike in 1972.
This story appeared in The Daily Herald on page D6.