2019 has perhaps not been the best for Kraft Heinz. Indeed, after it posted its fourth quarter and fiscal year results in February of this year, Kraft Heinz’s stock hemorrhaged value, which led many to wonder about what the future held for the company. One can only speculate whether or not the appointment of a new CEO, Miguel Patricio—who will succeed Bernardo Hees—will ensure a new era for Kraft Heinz.
“Kraft Heinz is an incredible company with iconic brands that are loved around the world,” Patricio said in a recent press release. “It will be a privilege and an honor to lead such a talented group of employees as we focus on the consumer to capitalize on the growth opportunities that exist in the rapidly evolving food industry.”
Patricio has led a successful career for the past twenty years, during which he has served as part of the Executive Leadership team with Anheuser-Busch InBev, driving organic growth and industry-leading margins. During his time there, he served as Global Chief Marketing Officer from 2012 to 2018, during which he helped develop a strategic playbook for global brands like Corona, Budweiser, and Stella Artois. Prior to that position, he was Anheuser-Busch InBev’s President of Asia Pacific (2008-2012) and President of North America (2006-2008). He has also worked at consumer companies such as Philip Morris, The Coca-Cola Company, and Johnson & Johnson.
“Miguel is a proven business leader with a distinguished track record of building iconic consumer brands around the globe, driving top-line revenue growth through a focus on consumer-first marketing, innovation, and people development,” stated Alex Behring, Chairman of Kraft Heinz’s Board of Directors.
Patricio will become CEO as of July 1, 2019. Bernardo Hees will remain CEO until June 30, 2019, to ensure a seamless transition.
“It has been an honor to serve as CEO of Kraft Heinz and to see it through its transformation over the last six years,” said Hees. “I have confidence that Miguel and the team will take Kraft Heinz to new heights.”
Behring added, “I would like to thank Bernardo personally, and on behalf of the Board, for his many contributions to Kraft Heinz over the last six years. He helped transform the food industry by leading the acquisition of Heinz in 2013 and the merger of Kraft and Heinz in 2015. Under Bernardo’s tenure, Kraft Heinz achieved industry-leading margins and sales performance in line with its U.S. peers, developed an organization with best-in-industry quality standards, and built in-house capabilities for category management, including revenue and assortment management. We appreciate his contributions.”
How will this new executive shakeup play out for the company? Deli Market News will continue to report.
