Kraft Heinz Names New CEO
April 22 2019 - 09:36AM
Dow Jones News
By Heather Haddon
Kraft Heinz Co. named a new chief executive, hiring the chief
marketing officer and a former leader of brewer Anheuser-Busch
InBev SA to lead the giant foodmaker's attempted turnaround after
years of cost cuts and weak sales.
Miguel Patricio will succeed Bernardo Hees as chief executive on
July 1, Kraft said on Monday. The Chicago-based company in February
disclosed an investigation by federal security regulators into its
business and wrote down the value of its Kraft and Oscar Mayer
brands by some $15 billion.
Mr. Patricio, 52 years old, said he plans to move Kraft Heinz's
strategy in a new direction after years of cost-cutting that left
its brands in a weaker position to compete on store shelves.
"It's a new cycle for the company. I bring a very different
background to the company and the team," said Mr. Patricio in an
interview Monday. Mr. Patricio said he plans to bring his 30-year
experience in consumer-packaged goods companies that include
Coca-Cola Co. and Johnson & Johnson to the role.
Mr. Patricio declined to comment on the Securities and Exchange
Commission investigation into accounting practices in the company's
procurement division.
He also declined to discuss Kraft Heinz's plans to potentially
divest weaker brands. He said he wanted to focus on improving the
quality of the company's products first.
"Some are a little bit dusty and we have to rejuvenate them, Mr.
Patricio said.
Write to Heather Haddon at heather.haddon@wsj.com
(END) Dow Jones Newswires
April 22, 2019 09:21 ET (13:21 GMT)
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