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September 26, 2023

Kraft Heinz picks new CEO as sales slump in the face of higher prices

Kraft Heinz Co. on Tuesday appointed Miguel Patricio, a marketing executive from Anheuser-Busch InBev, as its new chief executive, after months of searching amid a slump in sales and a broader stock market rout. Patricio succeeds Bernardo Hees, who had served as CEO since 2015 and will remain on the board, the company said. The appointment comes as Kraft Heinz continues to struggle with higher prices and competition from smaller, more nimble brands. The company’s sales fell 6.2% in the first nine months of 2019, according to a filing with the Securities and Exchange Commission. Kraft Heinz’s stock has also been under pressure and is down about 50% from its all-time high in 2017. Recently, the company has taken steps to grow its business, including reforming its pricing strategy, investing in innovation, and launching new products. “Miguel’s experience leading successful market-shaping CPG organizations, transformative brand building and breakthrough innovation will be instrumental to Kraft Heinz’s next stage of growth,” said Alex Behring, executive chairman of the board, in a statement. Patricio brings nearly two decades of international experience in the consumer goods industry, and has most recently served as the global chief marketing officer for Anheuser-Busch InBev. He also serves on the advisory board at Promerica Foods S.A. of Costa Rica.