Stock Market News Today – Kraft Heinz Co. named a new chief executive, hiring the chief marketing officer and a former leader of brewer Anheuser-Busch InBev SA BUD 0.27% to lead the giant foodmaker’s attempted turnaround after years of cost cuts and weak sales.
Miguel Patricio will succeed Bernardo Hees as chief executive on July 1, Kraft said on Monday. The Chicago-based company in February disclosed an investigation by federal security regulators into its business and wrote down the value of its Kraft and Oscar Mayer brands by some $15 billion.
Mr. Patricio, 52 years old, said he plans to move Kraft Heinz’s strategy in a new direction after years of cost-cutting that left its brands in a weaker position to compete on store shelves.
“It’s a new cycle for the company. I bring a very different background to the company and the team,” said Mr. Patricio in an interview Monday. Mr. Patricio said he plans to bring his 30-year experience in consumer-packaged goods companies that include Coca-Cola Co. and Johnson & Johnson to the role.
Mr. Patricio declined to comment on the Securities and Exchange Commission investigation into accounting practices in the company’s procurement division.
He also declined to discuss Kraft Heinz’s plans to potentially divest weaker brands. He said he wanted to focus on improving the quality of the company’s products first. “Some are a little bit dusty and we have to rejuvenate them…“ Mr. Patricio said.