Kraft Heinz names Anheuser-Busch executive as new CEO

22 April 2019, 12: 19
© Reuters. A box of Kraft macaroni and cheese and a Heinz Ketchup bottle are displayed together on a grocery store shelf in New York

Kraft Heinz (NASDAQ:KHC) Co replaced Chief Executive Officer Bernardo Hees with Anheuser-Busch InBev veteran Miguel Patricio, pointing the way to a possible change of strategy that may involve moving away from years of cost-cutting.

The announcement comes just months after the company took a $15.4 billion (£11.8 billion) writedown for its Kraft and Oscar Mayer brands and other assets, slashed its dividend, and said the U.S. Securities and Exchange Commission was probing its accounting practices.

In an interview published on Monday, the Wall Street Journal quoted Patricio as saying he planned to move the Heinz ketchup maker's strategy in a new direction after cuts that have left its brands in a weaker position to compete on store shelves.

Patricio takes over the top job at Kraft Heinz in July after spending two decades at Anheuser-Busch, most recently as the brewer's global chief marketing officer.

 

Kraft Heinz's shares rose about 2 percent in premarket trading.