Kraft Heinz Says Two Board Members Will Step Down

   By Micah Maidenberg 
 

Kraft Heinz Co. said it two members of its board won't stand for reelection at the company's next annual shareholders meeting.

The maker of Velveeta cheese, Heinz ketchup, Oscar Mayer cold cuts and other food products said Thursday in a filing that Feroz Dewan and Jeanne Jackson will serve the rest of their current terms.

The board has nominated Susan Mulder, chief executive of Nic & Zoe Co., a women's apparel company, and Leoni Sceti, co-founder and chair of an investment firm focused on consumer-product brands called the Craftory, to join it.

Ms. Mulder is also a director of Sally Beauty Holdings Inc. while Mr. Sceti is a director of Barry Callebaut AG and Anheuser-Busch InBev SA.

Mr. Dewan and Ms. Jackson's decision not to stand for reelection is "not the result of any disagreement with management or the Board of Directors of the Company related to our operations, policies or practices," Kraft Heinz said in a statement.

The company has struggled to lift sales and is now trying to generate better results under Chief Executive Miguel Patricio, who took over the top role at the company last summer.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

March 05, 2020 16:50 ET (21:50 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.