Kraft Heinz Co replaced Chief Executive Officer Bernardo Hees with Anheuser-Busc...
FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo
- Kraft Heinz 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 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.Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber and Saumyadeb Chakrabarty
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