Kraft Heinz’s chief executive is leaving the food company after a profit warning that shook the global consumer goods industry.
Bernardo Hees will be replaced at the end of June by Miguel Patricio, an executive at the brewer Anheuser-Busch InBev, backed by the Brazilian investment group 3G Capital, which also controls Kraft Heinz.
The leadership change comes at a testing time for Kraft Heinz. The maker of Kraft processed cheese, Heinz tomato ketchup and HP Sauce took a $15 billion writedown in February due to a drop in the value of some of its biggest brands. The Chicago-based company also revealed it had received a subpoena from the US Securities and Exchange Commission and cut its dividend by one-third.
Following news of the multi-billion-dollar writedown Warren Buffett, whose Berkshire Hathaway has a large stake, admitted for the first time that he had overpaid for Kraft’s merger with Heinz.
Read the full story, "Kraft Heinz replaces CEO after $15B writedown" at www.ft.com.
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