Kraft Heinz Names New CEO

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

WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity

(END) Dow Jones Newswires

April 23, 2019 01:38 ET (05:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.