At a Stop and Shop store in Dobbs Ferry, New York, US, Heinz Kraft products are neatly arranged for display. The image was captured on Tuesday, July 25, 2023.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Kraft Heinz has announced that Carlos Abrams-Rivera, the current North American president, will assume the role of CEO of the company starting from January 1 next year.
Carlos Abrams-Rivera will be taking over from Miguel Patricio, who has been leading Kraft Heinz since 2019. Patricio became chief executive during a period of difficulties for Kraft Heinz, including declining sales, write-downs on some of its iconic brands, and investor scrutiny of its business model.
Under Patricio’s leadership, the company has been focused on revitalizing well-known brands like Oscar Mayer and Maxwell House to appeal to younger consumers. Additionally, Kraft Heinz aimed to expand its away-from-home business by introducing new products such as a customizable sauce dispenser for restaurants. However, the demand for Kraft Heinz products has been declining in recent months due to higher prices, which deter budget-conscious consumers, and increased promotional spending by its competitors.
Kraft Heinz shares have experienced a 15% decline in value this year, resulting in a market value of $42.2 billion. In contrast, the S&P 500 has seen a 16% increase during the same period.
This promotion marks a significant milestone for Abrams-Rivera, as he began his food industry career at Kraft and managed brands like California Pizza Kitchen and Philadelphia cream cheese. He later held leadership positions at Mondelez’s Latin American gum and candy division and Campbell Soup’s snack business. In February 2020, he rejoined Kraft Heinz as the head of its U.S. zone, just before the pandemic led to a surge in demand for 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,” said Patricio in a statement. “Carlos’ experience in both developed and emerging markets complements our ambition for growth.”
Prior to officially becoming CEO on January 1, Abrams-Rivera will take on the role of president of Kraft Heinz, in addition to his current responsibilities. Patricio will continue serving as the chair of the board after stepping down in the new year.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
