Sector News

Heinz executives to dominate Kraft Heinz leadership

July 1, 2015
Consumer Packaged Goods
The leadership of Kraft Heinz Co will be dominated by former executives of H.J. Heinz Co after that company merges with Kraft Foods Group Inc (KRFT.O), both companies said.
 
Eight of the 10 executives named on Monday to the combined company’s senior leadership team come from Heinz, including Chief Financial Officer Paulo Basilio.
 
They will work under Bernardo Hees, who is to become Kraft Heinz’s chief executive after holding the same position at Heinz. Brazilian firm 3G Capital and Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) bought Heinz in 2013.
 
The departure of eight Kraft executives by year end, including CFO James Kehoe, was also announced on Monday.
 
The two who will remain are Jim Savina, who will become Kraft Heinz’s general counsel, and George Zoghbi, who will become chief operating officer of the U.S. commercial business.
 
Kraft Heinz’s board will also have a Heinz flavor, with six directors coming from 3G and Berkshire, and five from Kraft.
 
Shareholders of Kraft are scheduled to vote on July 1 on the merger, which would put brands including Heinz ketchup, Kraft cheese, Oscar Mayer cold cuts, Maxwell House coffee and Planters peanuts under one roof.
 
Berkshire and 3G would own 51 percent of the combined company, and 3G would oversee day-to-day operations.
 
The Brazilian firm has become known for cutting costs, which contributed to a 41 percent increase in Heinz’s first-quarter profit even as sales fell.
 
(Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky)

comments closed

Related News

February 17, 2024

Chocolate prices likely to remain at a record high for 2024

Consumer Packaged Goods

A report from ingredients supplier Henley Bridge has warned that cocoa price increases of 15-20% for the first half of 2024 might continue into the second half of the year. Despite growth in global cocoa supply in 2021, unfavourable weather conditions and demand from emerging markets have led to supply deficits.

February 17, 2024

DSM-Firmenich to separate Animal Nutrition & Health business

Consumer Packaged Goods

By carving out the ANH business, DSM-Firmenich would focus fully on its Perfumery & Beauty; Taste, Texture & Health; and Health, Nutrition & Care divisions. Full focus on these businesses is expected to enhance commercial potential and synergies, supporting “consistent growth outlook alongside robust margins”.

February 17, 2024

Cargill expands partnership with foodtech company Enough

Consumer Packaged Goods

Cargill and Enough are expanding their partnership to further develop nutritious and sustainable alternative meat and dairy solutions. Cargill has signed a commercial agreement to use and market Enough’s Abunda protein and has also invested in the company’s Series C growth funding round.

How can we help you?

We're easy to reach