Kraft Heinz CEO Patricio to step down, insider to succeed
(Reuters) — Kraft Heinz's (NASDAQ:KHC) CEO Miguel Patricio will step down from the role and succeeded by Carlos Abrams-Rivera, the president of its North American business starting next year, the packaged food maker said on Monday.
The company tapped marketing veteran Patricio in 2019 as it looked to turn itself around after several quarters of muted sales and market share losses to brand-name competitors and private label players.
Patricio, who had spent two decades at Budweiser owner Anheuser-Busch InBev, oversaw Kraft's efforts to revitalize brands such as Oscar Mayer bacon by ramping up investments.
Kraft also divested its nuts business under Patricia's tenure to reduce exposure to private label competition, while stepping up marketing spend and streamlining its supply chain.
Abrams-Rivera will take on the added responsibility as president of Kraft Heinz, effective immediately, while Patricio will remain non-executive chair of the board, the company said.
Abrams-Rivera joined Kraft in early 2020 and is credited with steering the company's North American retail and food service businesses through the pandemic, having previously held key roles at Campbell Soup (NYSE:CPB) and Monde International.
He takes the helm at a time when demand is easing for the company's packaged meals and condiments as higher prices force consumers to shun branded products and turn to cheaper alternatives.
Kraft, also known for Philadelphia Cream Cheese and Jell-O, earlier this month left its annual forecasts unchanged after missing estimates for quarterly sales.
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