Kraft Heinz Names New CEO
April 23 2019 - 1:53AM
Dow Jones News
By WSJ City
Kraft Heinz Named a new chief executive, replacing Bernardo Hees
with another veteran manager of companies controlled by 3G Capital
amid weak sales and a federal investigation into the food giant's
procurement practices.
KEY FACTS
--- Miguel Patricio, the former chief marketing officer of
brewer Anheuser-Busch InBev, will take on the role.
--- He will succeed Hees as chief executive on July 1, Kraft
said on Monday.
--- Kraft hadn't previously announced a planned executive change
or a succession plan.
--- Kraft has yet to enter into compensation agreements with
Hees or Patricio, the company said in a filing.
--- Shares rose 1%. They've fallen around 43% over the past year
through Friday on stalling sales.
Why This Matters
Patricio said the leadership change, after Hees led the company
for six years, was a natural step in Kraft's evolution under 3G, a
Brazilian investment firm. 3G helped create the firm through the
2015 merger of H.J. Heinz and Kraft Foods, joining forces with
Warren Buffett's Berkshire Hathaway to form the fifth largest
food-and-beverage company in the world.
Hees, 49, said in a statement that it had been an honor to
oversee Kraft Heinz. "I have confidence that Miguel and the team
will take Kraft Heinz to new heights," he said.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
April 23, 2019 01:38 ET (05:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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