Kraft Heinz Co named Miguel Patricio as its next chief executive on Monday, hopi...
- Kraft Heinz Co named Miguel Patricio as its next chief executive on Monday, hoping the 30-year marketing veteran will revitalize brands such as Planters nuts and Oscar Mayer bacon at one of the world’s largest packaged food companies.
Before AB InBev, Patricio worked at major consumer companies including Philip Morris, Coca-Cola Co and Johnson & Johnson.His appointment comes two months after Kraft Heinz slashed its quarterly dividend, wrote down the value its marquee Kraft and Oscar Mayer brands and other assets by more than $15 billion. It also disclosed that it had been subpoenaed by the U.S. Securities and Exchange Commission.
Kraft’s cost cuts, made at the urging of 3G, resulted in smaller marketing and advertising budgets for key brands like Oscar Mayer bacon and the loss of brand managers, which translated to market share loss to cheaper, private-label competitors, according to two former Kraft Heinz marketing employees.
At the time, Kraft said it was working on ways to improve its internal controls and determined the problems required it to record a $25 million increase to the cost of products sold. The company’s shares were flat at $32.96. The stock has lost half its value since Heinz and Kraft merged.
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