Sector News

Kraft Heinz announces leadership changes

August 27, 2019
Food & Drink

Paulo Basilio is shifting back into the role of global chief financial officer at The Kraft Heinz Co.

Mr. Basilio joined H.J. Heinz Holding Corp. as chief financial officer in 2013. He was named executive vice-president and chief financial officer in 2015, following Heinz’s merger with Kraft Foods Group, Inc. He held that position until 2017, when he became president of the company’s U.S. commercial business. He was named chief business and planning officer earlier this year.

David Knopf, current executive vice-president and global chief financial officer, is departing the company to return to 3G Capital, where he has been a partner since 2015.

Kraft Heinz also announced that Nina Barton, president of the Canada zone and president of digital growth at Kraft Heinz, will assume the role of chief growth officer. Bruno Keller, currently the head of category development in Canada, will succeed Ms. Barton as zone president of Canada.

The leadership changes come just a few months after Kraft Heinz named Miguel Patricio as chief executive officer. Earlier this month, Kraft Heinz’ stock sank to a record low following the release of second-quarter earnings that executives described as “unacceptable.” Shares of the company trading on Nasdaq closed on Aug. 23 at $25.33, down more than 41% since the beginning of the year, but rebounded a bit on Aug. 26 following news of Mr. Basilio’s return to the c.f.o. post. The company’s stock hit a 52-week low of $24.89 on Aug. 15.

By Sam Danley

Source: Food Business News

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