• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Kraft Heinz picks new CEO as sales slump in the face of higher prices
Editor's Pick

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

by August 15, 2023
by August 15, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Americans grow more confident about the economy, even as the Fed’s inflation fight continues
  • Binance and founder Changpeng Zhao sued over accusations of trading rules violations
  • Pixar is laying off 14% of its workforce as Disney scales back content
  • Actility Selects iBASIS and Sequans to Deploy LTE-M Solutions With eSIM and iSIM
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Zero cash bail to blame for ‘brazen’ smash and grab robberies in LA, police union says
next post
Top Three Things I Wish I Knew Before I Started Trading

You may also like

Nonunion autoworkers are watching the UAW — and deciding whether...

October 4, 2023

Kohl’s CEO Tom Kingsbury to step down and be replaced...

November 26, 2024

Gold bars are selling like hot cakes in Korea’s convenience...

May 10, 2024

How on-time rent payments can help ‘credit invisible’ consumers be...

July 18, 2024

Tesla braces for its first trial involving Autopilot fatality

August 30, 2023

DOJ sues Walgreens, alleging it ‘knowingly’ filled millions of invalid...

January 19, 2025

Disney says about 157 million global users are streaming content...

January 10, 2025

Disney drops all but free speech claim in political retaliation...

September 12, 2023

Walgreens to close 1,200 stores over the next three years

October 15, 2024

Disney will name Bob Iger’s replacement in early 2026

October 21, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.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 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    How to get more money out...

    April 21, 2023

    Cucumbers shipped to 14 states recalled...

    June 4, 2024

    The new class war: A wealth...

    April 30, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here