An iconic name is a tremendous asset, but it can also create a real challenge when the company that bears it needs to turn the page. The Campbell’s Company seems to have gotten it right.

The Campbell Soup Company was founded in 1869 and adopted its now-familiar name in 1922. Its best-known consumer brand is practically the definition of “iconic:” the instantly recognizable red-and-white can famously immortalized by Andy Warhol in the early 1960s and TV spots that bring back fond memories of childhood, such as the melting snowman ad that ran for years.

That’s the kind of equity and name recognition that’s well worth preserving. And a week or so ago, the company made a move that did exactly that: It dropped the word “Soup” and will now be known as The Campbell’s Company.

In a mid-September letter to investors, Campbell’s CEO Mark Clouse hit the nail on the head: “This subtle yet important change retains the company’s iconic name recognition, reputation and equity built over 155 years while better reflecting the full breadth of the company’s portfolio.”

He has a point. The $9.6 billion company has been far more than a maker of soup for many years… a diversification journey that began in 1948 with the acquisition of V8. Its consumer brand portfolio now includes many other familiar American staples: Pepperidge Farm, SpaghettiO’s and Swanson to name just a few.

It’s evident that the company sees the greatest growth potential in continued diversification and expansion beyond its traditional soup – ahem – base. By changing its name, Campbell’s is telegraphing its intentions to the market and showing confidence in its future direction: a powerful message. The ongoing shift in focus towards meals (including but not limited to soup), beverages and snacks is a trend that’s not going away.

It’s an astute move that shows Campbell’s has done its homework, listened to its customers and assessed the market before making a change with strategic implications. The company has concluded – rightly – that it cannot walk away entirely from its storied name, and yet there was a clear need to make a change.

The answer couldn’t have been simpler: a non-disruptive tweak that honors Campbell’s legacy while freeing the company to pivot. There’s a clear – and compelling –  thread running through its brand story. Dare we say, the name change strikes us as Mm! Mm! Good!