The Kraft Heinz Company (NASDAQ:KHC) today announced that the
Company’s Board of Directors has appointed Miguel Patricio as Chief
Executive Officer effective July 1, 2019. Mr. Patricio will succeed
Bernardo Hees, who will remain CEO through June 30, 2019, to ensure
a seamless transition.
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Miguel Patricio appointed CEO of Kraft
Heinz effective July 1, 2019 (Photo: Business Wire)
“Miguel is a proven business leader with a distinguished track
record of building iconic consumer brands around the globe, driving
top-line revenue growth through a focus on consumer-first
marketing, innovation, and people development,” said Alex Behring,
Chairman of Kraft Heinz’s Board of Directors.
“I want to personally thank Bernardo Hees for leading the
Company through its first phase,” said Marcel
Herrmann Telles, a member of Kraft Heinz’s Board of
Directors. “I’ve worked with Miguel over the course of the past 20
years, and he is a natural business leader. From attracting
and nurturing the best talent to leading the turnaround
of the AB InBev China business into the phenomenal success it is
today, Miguel has one of the best
brand-building minds in the industry.”
A native of Portugal, Mr. Patricio will join the Company after a
successful career spanning two decades at Anheuser-Busch InBev (AB
InBev), where he served as part of the Executive Leadership team in
various positions, driving organic growth and industry-leading
margins.
At AB InBev, Mr. Patricio served as the Global Chief Marketing
Officer from 2012 to 2018. In this role, he helped develop and
implement a strategic playbook for global brands Corona, Budweiser
and Stella Artois, accelerating organic sales growth to high single
digits. This represented more than one-third of AB InBev’s organic
growth and accounted for more than 20 percent of AB InBev’s 2018
year-end global revenues. In his final year as chief marketer, AB
InBev was the most awarded brand owner at Cannes Lions 2018, the
global benchmark for effective creative marketing
communications.
Prior to that, he was AB InBev’s President of Asia Pacific from
2008 to 2012 and President of North America from 2006 to 2008,
providing him with deep experience in growing businesses in
developed and emerging markets.
As President of Asia Pacific, Mr. Patricio set the foundation
for the growth of the China business by defining a long-term
strategy focusing on the premium market, growing Budweiser to
become the leading brand in China, and expanding the growth of
local brands such as Harbin. This led to the transformation of AB
InBev Asia Pacific, which grew from revenues of $1 billion in 2008
to $2.7 billion in 2012, making it the number one beer company in
China. Asia Pacific now represents approximately 15 percent of the
company’s global revenue and 18 percent of global volumes.
Prior to AB InBev, Mr. Patricio has worked at other consumer
companies including Philip Morris, The Coca-Cola Company and
Johnson & Johnson in Latin America, New Jersey, and
Georgia.
“Kraft Heinz is an incredible company with iconic brands that
are loved around the world,” Mr. Patricio said. “It will be a
privilege and an honor to lead such a talented group of employees
as we focus on the consumer to capitalize on the growth
opportunities that exist in the rapidly evolving food
industry.”
“I would like to thank Bernardo personally, and on behalf of the
Board, for his many contributions to Kraft Heinz over the last six
years,” Mr. Behring added. “He helped transform the food industry
by leading the acquisition of Heinz in 2013 and the merger of Kraft
and Heinz in 2015. Under Bernardo’s tenure, Kraft Heinz achieved
industry-leading margins and sales performance in line with its
U.S. peers, developed an organization with best-in-industry quality
standards, and built in-house capabilities for category management,
including revenue and assortment management. We appreciate his
contributions.”
“It has been an honor to serve as CEO of Kraft Heinz and to see
it through its transformation over the last six years,” said Mr.
Hees. “I have confidence that Miguel and the team will take Kraft
Heinz to new heights.”
ABOUT THE KRAFT HEINZ COMPANY
For 150 years, we have produced some of the world’s most beloved
products at The Kraft Heinz Company (NASDAQ:KHC). Our Vision
is To Be the Best Food Company, Growing a Better World. We are
one of the largest global food and beverage companies, with 2018
net sales of approximately $26 billion. Our portfolio is a diverse
mix of iconic and emerging brands. As the guardians of these brands
and the creators of innovative new products, we are dedicated to
the sustainable health of our people and our planet. To learn more,
visit http://www.kraftheinzcompany.com/ or follow us
on LinkedIn and Twitter.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words such as “plan,” “invest,” “grow,” “support,”
“work,” “aim,” “accelerate,” “leverage,” “will,” “take,” “focus,”
“capitalize,” “confident,” and variations of such words and similar
future or conditional expressions are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements regarding Kraft Heinz’s
investments and growth plans. These forward-looking statements are
not guarantees of future performance and are subject to a number of
risks and uncertainties, many of which are difficult to predict and
beyond Kraft Heinz’s control.
Important factors that may affect Kraft Heinz’s business and
operations and that may cause actual results to differ materially
from those in the forward-looking statements include, but are not
limited to, operating in a highly competitive industry; Kraft
Heinz’s ability to predict, identify, and interpret changes in
consumer preferences and demand, to offer new products to meet
those changes, and to respond to competitive innovation; changes in
the retail landscape or the loss of key retail customers; changes
in relationships with significant customers or suppliers; Kraft
Heinz’s ability to maintain, extend, and expand its reputation and
brand image; Kraft Heinz’s ability to leverage its brand value to
compete against private label products; Kraft Heinz’s ability to
drive revenue growth in its key product categories, increase its
market share, or add products that are in faster-growing and more
profitable categories; product recalls or product liability claims;
unanticipated business disruptions; Kraft Heinz’s ability to
identify, complete, or realize the benefits from strategic
acquisitions, alliances, divestitures, joint ventures, or other
investments; Kraft Heinz’s ability to realize the anticipated
benefits from prior or future streamlining actions to reduce fixed
costs, simplify or improve processes, and improve its
competitiveness; the execution of Kraft Heinz’s international
strategic initiatives; the impacts of Kraft Heinz’s international
operations; economic and political conditions in the United States
and in various other nations in which Kraft Heinz does business;
changes in Kraft Heinz’s management team or other key personnel and
Kraft Heinz’s ability to hire or retain key personnel or a highly
skilled and diverse global workforce; risks associated with
information technology and systems, including service
interruptions, misappropriation of data, or breaches of security;
impacts of natural events in the locations in which Kraft Heinz or
its customers, suppliers, distributors, or regulators operate;
Kraft Heinz’s ownership structure; Kraft Heinz’s indebtedness and
ability to pay such indebtedness; an impairment of the carrying
value of goodwill or other indefinite-lived intangible assets;
exchange rate fluctuations; volatility in commodity, energy, and
other input costs; volatility in the market value of all or a
portion of the derivatives we use; increased pension, labor and
people-related expenses; compliance with laws, regulations, and
related interpretations and related legal claims or other
regulatory enforcement actions; Kraft Heinz’s ability to protect
intellectual property rights; tax law changes or interpretations;
the impact of future sales of Kraft Heinz’s common stock in the
public markets; Kraft Heinz’s ability to continue to pay a regular
dividend and the amounts of any such dividends; volatility of
capital markets and other macroeconomic factors; and other factors.
For additional information on these and other factors that could
affect Kraft Heinz’s forward-looking statements, see Kraft Heinz’s
risk factors, as they may be amended from time to time, set forth
in its filings with the Securities and Exchange Commission. Kraft
Heinz disclaims and does not undertake any obligation to update or
revise any forward-looking statement in this press release, except
as required by applicable law or regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190422005318/en/
The Kraft Heinz CompanyMichael Mullen
(media)Michael.Mullen@kraftheinz.comChristopher Jakubik, CFA
(investors)ir@kraftheinz.com
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