The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

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

by August 15, 2023
August 15, 2023
Kraft Heinz picks new CEO as sales slump in the face of higher prices

Kraft Heinz’s North American president will become CEO of the food giant next year, the company announced Monday.

Carlos Abrams-Rivera will take the reins Jan. 1 from Miguel Patricio, who has led Kraft Heinz since 2019. Patricio took over as chief executive as Kraft Heinz struggled with slumping sales, write-downs on a handful of its iconic brands and investor scrutiny over its business model.

Under Patricio’s leadership, the company has tried to revive iconic brands such as Oscar Mayer and Maxwell House for younger consumers and grow its away-from-home business, with new products such as a customizable sauce dispenser for restaurants. But demand for its products has fallen in recent months as higher prices push away budget-conscious consumers and its competitors spend more on promotions.

Kraft Heinz shares have fallen 15% this year, dragging its market value down to $42.2 billion. The S&P 500 has risen 16% during that period.

The promotion is a full-circle moment for Abrams-Rivera, who began his food industry career at Kraft, managing brands such as California Pizza Kitchen and Philadelphia Cream Cheese, according to his LinkedIn.

Later, he led Mondelez’s Latin American gum and candy division and Campbell Soup’s snack business. He rejoined Kraft Heinz as head of its U.S. zone in February 2020, just before the Covid-19 pandemic helped rejuvenate demand for many of the company’s products.

“Since joining Kraft Heinz in 2020, [Carlos] has consistently delivered strong results in the North American retail and Away From Home businesses,” Patricio said in a statement. “Carlos’ experience in both developed and emerging markets complements our ambition for growth.”

Ahead of the CEO transition Jan. 1, Abrams-Rivera will become president of Kraft Heinz, adding new responsibilities to his current role. Patricio will stay on as chair of the board after he steps down in the new year.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Georgia Capitol beefs up security in anticipation of possible Trump indictment and protests
next post
Getchell Gold Corp. Receives Authorization to Construct 12 Additional Drill Pads and Highlights the Upside Potential at the Fondaway Canyon Gold Project, Nevada

You may also like

McDonald’s $5 value meal is coming in June...

Stellantis could close 18 facilities under UAW deal...

FAA increases oversight of Boeing 737 Max 9...

Skydance bid for Paramount hinges on Shari Redstone...

UPS shares tank 15% after weak guidance, plan...

Walmart pulls back on DEI efforts, removes some...

Nearly 10,000 people have offered to change their...

Microsoft to roll out new autonomous AI agents...

Getty Images to buy Shutterstock as part of...

Boeing’s crewed Starliner flight won’t return until at...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Triumph Gold Updates Shareholders on Operations, Engages Market Maker, and Grants Options

    • Investing in Uranium ETFs: 9 Options for Uranium Exposure

    • Trump says 80% tariff on China ‘seems right’ ahead of weekend talks with Beijing

    • Crypto Market Recap: Bitcoin Breaks US$100,000 as ETF Inflows Rise, Coinbase Makes US$2.9 Billion Power Play

    • 7 Copper ETFs and ETNs

    Categories

    • Business (1,633)
    • Investing (4,796)
    • Politics (7,544)
    • World (6,131)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top